WSJ Accused of Blaming Coinbase for CLARITY Act Failure
Coinbase CEO Brian Armstrong claims that The Wall Street Journal is preparing an article that would blame him and Coinbase for the collapse of the Digital Asset Market Clarity Act (CLARITY Act).
The CLARITY Act, which aimed to divide oversight of digital assets between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), failed a key procedural test in the US Senate by 49-50 votes.
Armstrong defends his role in the bill's failure, stating that he opposed pushing an early January draft into a Senate Banking Committee vote due to major issues with decentralized finance (DeFi), tokenization, CFTC authority, and stablecoin rewards.
He claims that these issues were later addressed in the revised draft, which then went through the committee four months later.