Coinbase's Armstrong Sees Momentum Building for Clarity Act in Senate Vote

Coinbase's CEO Brian Armstrong expressed confidence that the Clarity Act will gain momentum in the Senate, despite facing a hurdle of securing 60 votes. Introduced in May 2023, the bill aims to clarify which U.S. agencies supervise different parts of the crypto market.

The legislation has already cleared the House and is scheduled for consideration in the Senate on September 15th. Armstrong believes that even if the measure doesn't pass, the industry can still expect rulebook-level direction from regulatory bodies such as the SEC and CFTC.

Armstrong noted that crypto companies, law-enforcement organizations, and several banks are broadly supportive of the bill. He also highlighted the importance of ethics language in the legislation, stating that it is 'very close to a solution' heading into the vote.

The passage of the Clarity Act could have significant implications for Coinbase's business, with Armstrong calling it a 'regulatory checkbox' that could help unlock institutional money and pave the way for offerings like tokenized equities in the U.S. The company has been one of the bill's loudest cheerleaders while expanding its trading lineup to include stocks, commodities, and foreign exchange.