Coinbase executives recently commented on the legislative prospects of the U.S. CLARITY Act. The company stated that the bill is no longer just an internal issue for the crypto industry; its support base is expanding, and the Senate now faces the question of whether to advance a comprehensive federal regulatory framework.
Expanded support range
Ryan VanGrack, Head of Corporate Affairs at Coinbase, said that support for the CLARITY Act is broader than ever, extending beyond the crypto industry to include law enforcement, major Wall Street financial institutions, and a large number of crypto voters.
He said that after more than a year of bipartisan negotiation and compromise, the current choice is not complicated: either establish a more comprehensive federal regulatory framework or continue with the status quo. According to him, the latter would continue to strain arrangements for consumer protection, law enforcement collaboration, and combating illicit financial activities.
If the bill fails to pass in a timely manner
Regarding the possibility of the bill being stalled before the midterm elections, VanGrack stated that two things will not change regardless of the voting outcome.
First, the past 18 months have become a pivotal period for U.S. cryptocurrency regulation. Both the SEC and the CFTC have signaled intentions to advance new rules. Meanwhile, overseas regulation continues to progress, and new technological applications such as tokenization and agentic trading are accelerating rapidly.
Second, he believes the industry’s pace of advancement will not slow down; the real issue is whether the U.S. Congress can keep up with these changes, not whether the market or technology will stop.
Banks have changed their stance.
VanGrack also refuted the claim that traditional banks still generally resist the cryptocurrency industry, stating that the reality has changed since the early stages.
He noted that recently, more than twenty major banks have announced the formation of a consortium to issue a joint stablecoin. In his view, this indicates that the focus of traditional finance has shifted from “whether to participate in crypto” to “how to participate.”
Next steps after the bill is passed
VanGrack said that if the CLARITY Act is ultimately passed, the next step will be for the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission to develop more detailed implementing rules based on the legislation.
He also stated that, regardless of whether the bill passes in the Senate, tokenization and agentic trading will continue to advance both domestically and internationally. For the industry, legislative outcomes may affect the pace of regulatory implementation, but they will not alter the trend of ongoing technological and market evolution.
Additional information: The judgments in this article are primarily based on public statements by Ryan VanGrack, a Coinbase executive, and represent the company’s unilateral position. The core focus is on the progress of legislation, the pace of regulation, and changes in traditional financial institutions’ participation in cryptocurrency businesses.