Coinbase's Armstrong Blames WSJ, Not Himself, for CLARITY Act Failure
Coinbase CEO Brian Armstrong has pushed back against claims that he was responsible for the failure of the CLARITY Act, crucial crypto legislation that stalled in the Senate. The bill needed 60 votes to advance, but it fell short with a 49-50 vote tally.
No Democrats supported the bill due to limited ethics provisions, and some Republicans also withheld their support. Armstrong has stated that he opposed an earlier draft of the bill because of several major issues, including DeFi, tokenization, CFTC authority, and stablecoin rewards.
In response to reports linking him to the bill's failure, Armstrong said that the final draft was 'great' and that he strongly supported it. He also accused the Wall Street Journal of taking direction from bank lobbyists.