Coinbase CEO Says CLARITY Act Nears Crucial Senate Vote
Coinbase CEO Brian Armstrong says the CLARITY Act has reached a crucial stage. He believes it is 'at the one-yard line,' meaning it's almost ready for a full Senate floor vote after months of negotiations.
Armstrong points out that the bill, which would provide a clear rulebook for US crypto firms to operate under, has made significant progress. He credits Stand With Crypto members, a Coinbase-backed advocacy group, for mobilizing 950,000 contacts and putting pressure on lawmakers.
Coinbase shares fell over 5% on Wednesday after rising more than 11% the previous day due to optimism about the bill's progress. Treasury Secretary Scott Bessent had also expressed confidence in the bill's passage, saying 'we are on the 1-yard line' just a day before Armstrong made his comments.
Coinbase has also secured another regulatory win, with the Securities and Exchange Commission (SEC) deleting a year of former Chairman Gary Gensler's communications. The company sued both the SEC and Federal Deposit Insurance Corporation (FDIC) under the Freedom of Information Act and won significant settlements, which were among the largest FOIA awards in each agency's history.