Coinbase CEO Urges Senate to Pass Clarity on Crypto Regulations This Week

Coinbase CEO Brian Armstrong has urged senators to pass the CLARITY Act this week, citing widespread American support for the bill. The act would expand federal crypto oversight and banking rules, which Armstrong believes would bring more crypto businesses under U.S. supervision while expanding consumer protections, law enforcement authority, and banking opportunities.

According to Armstrong, one in four Americans now own cryptocurrency, with a significant majority supporting lawmakers who back the bill. He noted that passing CLARITY is not only a win for crypto users but also for the future of America as a global leader for finance, innovation, and national security.

The updated CLARITY Act, released by Senator Cynthia Lummis on July 22, combines work from the Senate Banking and Agriculture committees. It establishes regulatory responsibilities for the U.S. Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC), alongside registration standards for exchanges, brokers, dealers, custodians, and other intermediaries.