Coinbase CEO Urges Last-Ditch Effort on US Crypto Regulation Bill

Coinbase CEO Brian Armstrong says that US cryptocurrency regulation bill CLARITY Act is nearing completion, with lawmakers having only seven days left to pass it before the Senate leaves for summer recess.

The CLARITY Act has already passed the Senate Banking Committee by a 15-9 vote on May 14, but it still needs approval from the full Senate. Armstrong says that 'clear rules are almost here - we're at the one-yard line' and is urging supporters to get it done.

Behind the scenes, intense negotiations are taking place between lawmakers, including Senators Tillis and Gallego, who have finalized a new compromise on ethics provisions that could unblock the bill. However, the details of this agreement remain confidential, and the proposal would still need approval from the White House.

If the CLARITY Act fails to pass within the next week, regulators are preparing alternative scenarios. SEC Chair Paul Atkins has stated that if lawmakers fail to act, his agency will begin introducing rules for the crypto market on its own using existing authority, although he admits this path would be worse than a comprehensive law.