Crypto Clarity Still Coming Despite Senate Block on CLARITY Act

Coinbase CEO Brian Armstrong expressed disappointment over the Senate's failure to advance the Digital Asset Market Clarity Act (CLARITY Act), but remains optimistic that the industry will still receive regulatory clarity.

In a post on X, Armstrong noted that the Congress can't be waited upon anymore and emphasized that the SEC and CFTC have the tools needed to create clear rules under existing authority. He pointed out that the GENIUS Act is already the law of the land for stablecoins, which is more permissive on rewards.

Armstrong had anticipated the possibility of failure in the days leading up to the vote and argued that either way, passage or failure would prompt the SEC and CFTC to move forward with their own rulemaking. He noted that both agencies had indicated readiness to publish rules and that key concerns previously raised by Coinbase had largely been addressed in negotiations.