Coinbase CEO Presses Senate to Pass CLARITY Act This Week Amid Bipartisan Support

Coinbase CEO Brian Armstrong is urging senators to pass federal crypto market structure legislation, known as the CLARITY Act, this week. The bill aims to establish clear rules for crypto in America and would bring more crypto businesses under U.S. oversight while expanding consumer protections and law enforcement authority.

Armstrong described the CLARITY Act as a result of extensive bipartisan negotiations and argued that it would support American jobs, tax revenue, and innovation. He presented the vote as a choice between bringing digital assets under American supervision and allowing more activity to move offshore.

The updated CLARITY Act text was released by U.S. Senator Cynthia Lummis (R-WY) on July 22 and combines work produced by the Senate Banking and Agriculture committees. The proposal establishes regulatory responsibilities for the SEC and CFTC, creates registration standards for exchanges, brokers, dealers, custodians, and other intermediaries, and addresses cybersecurity, illicit finance, and bankruptcy protections.