Coinbase CEO Predicts Regulatory Clarity for US Crypto Industry by Sept 15

Coinbase CEO Brian Armstrong is confident that the US cryptocurrency industry will gain regulatory clarity, regardless of the outcome of the Senate vote on the CLARITY Act scheduled for September 15.

Armstrong stated that even if the bill fails to pass, the SEC and CFTC are ready to begin rulemaking, which would still provide regulatory clarity to the industry by September 15 or shortly thereafter.

The CLARITY Act aims to establish a federal regulatory framework for market participants, including exchanges and brokers, and would delineate the oversight of digital assets between the SEC and CFTC. Armstrong noted that bipartisan agreement on the legislation has made substantial progress, with hundreds of pages of feedback from both parties incorporated into the bill.

The key issues previously raised by Coinbase have been resolved, according to Armstrong, although negotiations are still underway over ethics provisions related to elected officials' crypto holdings. The White House has proposed strong ethics rules, while Democrats seek to add requirements including mandatory asset divestment.