Coinbase's Armstrong Sees Clarity Act Passage as Key Regulatory Milestone

Coinbase CEO Brian Armstrong is optimistic about the passage of the Clarity Act, which aims to establish clearer rules for the US crypto industry. Speaking on CNBC's 'Squawk Box Asia', Armstrong said that people he has spoken with are in favor of the legislation, which could pass given broad support from crypto firms, law-enforcement groups, and several banks.

While there is still a challenge to secure 60 votes in the Senate, Armstrong believes that even if the Clarity Act doesn't pass, regulatory clarity will be achieved. The SEC and CFTC have said they're ready to publish rulemaking, which would provide clarity on the 15th or shortly after.

The potential passage of the Clarity Act is seen as a 'regulatory checkbox' that could help unlock institutional capital and pave the way for products such as tokenized equities in the US. Armstrong described it as a 'big milestone'.