Senate Vote Looms for Landmark Crypto Regulation Bill

The US Senate is set to vote on the CLARITY Act on September 15, and Coinbase CEO Brian Armstrong believes it will pass. He says that the bill has broad support from crypto firms, law enforcement groups, and several banks.

The legislation would divide federal oversight of digital assets between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). Tokens treated as securities would remain under SEC oversight, while decentralized digital commodities such as Bitcoin would fall under the CFTC.

Armstrong told CNBC's 'Squawk Box Asia' that people he has spoken with are ready to support the bill. He described its potential passage as a major regulatory milestone for the US crypto industry.