The Digital Asset Market Clarity Act, a key piece of legislation for the U.S. crypto industry, will face a crucial procedural vote in the Senate on September 15. Coinbase CEO Brian Armstrong stated that even if the bill does not advance, the industry may soon gain a clearer federal regulatory framework, as the SEC and CFTC are prepared to issue separate rules independently.
September 15 is not the final vote.
This vote is a procedural cloture vote aimed at determining whether the bill can proceed to further Senate debate, not at ultimately passing the bill itself. To advance the legislation, 60 votes in favor are required.
Armstrong said in an interview with CNBC that if the bill passes, the industry will directly gain a legislative framework; if it fails to advance, the SEC and CFTC could initiate rulemaking within days of the vote, still offering the prospect of regulatory clarity.
The Digital Asset Market Clear Act proposes to establish a federal framework for digital asset markets and delineate the regulatory boundaries between the SEC and the CFTC. Under the draft, tokens classified as securities would remain under SEC oversight, while decentralized digital commodities such as Bitcoin would fall under the CFTC’s jurisdiction.
Stablecoins and ethical terms to be determined
The bill still faces several political hurdles. Armstrong said negotiations are ongoing regarding ethical provisions on elected officials holding digital assets, but the two sides are nearing an agreement. The White House’s version includes strong ethical restrictions, while Democrats seek to add further requirements, such as divesting holdings.
In addition to ethical provisions, the stablecoin reward mechanism and protections for DeFi developers were major points of contention before the vote. Since Republicans need support from Democratic or independent lawmakers, it remains uncertain whether the bill can surpass the 60-vote threshold. Coupled with a tightening congressional schedule, the time available for subsequent legislative actions is also limited.
Armstrong stated that the key amendments previously proposed by Coinbase have been resolved in negotiations. He also noted that the scope of support for the bill includes not only crypto companies but also certain banks and law enforcement-related groups.
Coinbase is advancing proxy payments simultaneously.
Disagreements between traditional banking and the crypto industry over stablecoin regulations continue. JPMorgan Chase CEO Jamie Dimon has criticized Coinbase, arguing that it seeks regulatory advantages over traditional banks through stablecoin rules. Armstrong did not name anyone in response but said that companies with large payment operations have competitive concerns.
He also noted that financial institutions such as Goldman Sachs, BNY Mellon, and Fidelity support the relevant legislation.
Beyond regulatory issues, Armstrong also discussed Coinbase’s new business direction—“agent finance,” where payments are initiated by autonomous software agents. He noted that this market is still in its early stages but has significant potential scale. Coinbase is building the necessary infrastructure around Base, USDC, and the x402 payment protocol.
According to him, over 90% of the approximately 165 million proxy payments have occurred on the Base network using the x402 protocol with USDC. In July of this year, Coinbase extended this capability to enterprise payments, enabling AI agents to initiate USDC payments via x402.
Reaffirming Bitcoin's Long-Term Goals
In the same interview, Armstrong reiterated that he still considers Bitcoin reaching $400,000 by 2030 a "reasonable target." He also stated that the bottom of this Bitcoin cycle has already occurred.
However, this assessment reflects his personal market viewpoint. On the short-term policy front, the market is more focused on the outcome of the Senate procedural vote on September 15 and whether the SEC and CFTC will swiftly advance their respective crypto regulations if the bill stalls.