Crypto Can't Wait on Congress, Says Coinbase CEO

Coinbase CEO Brian Armstrong is saying that the crypto industry can no longer wait for Congress to pass legislation regulating its activities. The Senate's failure to pass the CLARITY Act, a bill aimed at providing clarity on cryptocurrency regulation, has led Armstrong to argue that existing regulatory bodies already have the authority to oversee the industry.

Armstrong believes that traditional banks are blocking this legislation because they fear stablecoin rewards will drain their deposits. According to him, if regulators can bypass a deadlocked Congress to provide clarity, it's unclear why the crypto industry is still lobbying for new laws.