Coinbase CEO Calls on Senators to Support CLARITY Act

Coinbase CEO Brian Armstrong has called on US senators to support the CLARITY Act, a bill aimed at providing clearer regulations for the cryptocurrency industry.

Armstrong believes that the act would protect consumers and reduce future regulatory uncertainty, making it easier for authorities to combat illegal activity.

'The current status quo today is that there isn't much clarity about what the rules are,' Armstrong said in an interview with CBS on August 20.

The CLARITY Act has already passed through the House of Representatives by a significant margin, with 294 votes in favor and 134 against. The Senate Banking Committee later advanced the bill by a vote of 15 to 9.