Senate CLARITY Act Vote Looms as Coinbase Pushes Tokenized Stocks
On September 15, the Senate will hold a cloture vote on the CLARITY Act, which needs 60 votes to pass. The bill has already passed in the House with a vote of 294 to 134.
The National Sheriffs Association dropped its opposition to the bill on September 4, removing one obstacle to passage. This comes as Coinbase Vice Chair Ryan VanGrack said tokenization and on-chain finance are 'already operating, not future concepts' in an interview with Bloomberg Crypto on September 8.
Coinbase has already launched tokenized stocks for companies like Nvidia, Google, MicroStrategy, and Bullish, which can be redeemed for the underlying stock and holders are eligible for dividends. The company's Deribit unit also began offering 24/7 stock and commodity perpetual contracts on the same day as VanGrack's interview.