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

Huoxing Finance reports that 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 before or after 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 ethical provision regarding elected officials holding digital assets; the White House has proposed a plan with strong ethical safeguards, while Democrats are pushing for further measures, including mandatory asset divestment, with both sides nearing a resolution. In response to criticism from JPMorgan Chase CEO Jamie Dimon that Coinbase is exploiting the bill’s stablecoin provisions for regulatory arbitrage, 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.