Coinbase CEO: Clarity Act Vote to Bring Regulatory Clarity to the Crypto Industry

ChainCatcher report: Coinbase CEO Brian Armstrong stated that, regardless of the U.S. Senate’s vote on the Clarity Act on September 15, the cryptocurrency industry will achieve regulatory clarity. In an interview with CNBC, he said that if the bill passes, the industry will gain legislative backing; even if it fails, both the SEC and CFTC have indicated they are prepared to issue rules, ensuring regulatory clarity around the time of the vote. The Digital Asset Market Clarity Act aims to establish a federal regulatory framework for cryptocurrency exchanges, brokers, and stablecoins by dividing regulatory authority over tokens between the SEC and CFTC. Armstrong noted that the bill enjoys broad bipartisan and industry support, with backing from law enforcement agencies, banks, and crypto companies, and that key concerns previously raised by Coinbase have been addressed. The only outstanding issue is an ethics provision for elected officials holding digital assets; the White House has proposed a plan with strong ethics provisions, while Democrats are pushing for further measures, including mandatory asset divestment—both sides are nearing a resolution. In response to JPMorgan CEO Jamie Dimon’s criticism that Coinbase is seeking regulatory arbitrage through the bill’s stablecoin provisions, Armstrong said critics with large payment businesses are facing “competitive issues” and are “speaking for themselves.” He also noted that Goldman Sachs, BNY Mellon, and Fidelity all support the bill.