Coinbase CEO Urges Senate to Pass Bipartisan Crypto Regulation Bill

Coinbase CEO Brian Armstrong has urged lawmakers to advance the CLARITY Act, calling it 'at the one-yard line' and arguing that it's time to get it over the finish line.

In a post on X (formerly Twitter), Armstrong said that the bipartisan proposal had spent thousands of hours in negotiations and was now extremely close to advancing. He used the football metaphor to emphasize the urgency, saying that lawmakers should complete the legislative process without further delay.

The CLARITY Act would strengthen power for law enforcement, bring new consumer protections, and provide a federal framework for the digital asset industry, Armstrong argued. 'The status quo is not going to work,' he said, pointing out that there are currently no federal laws protecting consumers or helping the industry grow in the United States.

The proposal has been updated with text released by Senate Republicans on July 22, reflecting negotiations involving the Senate banking and agriculture committees. The CLARITY Act section-by-section summary outlines disclosure standards, registration requirements, anti-fraud provisions, and expanded anti-money-laundering obligations for digital asset market participants.