Coinbase CEO Says Clarity Act Vote Results Will Benefit the Crypto Industry

Coinbase CEO Brian Armstrong stated that regardless of the outcome of the U.S. Senate's vote on the Clarity Act on September 15, the crypto industry will gain regulatory clarity. In an interview with CNBC, he pointed out that if the bill passes, the industry will receive legislative support; even if it does not pass, the SEC and CFTC have indicated they are prepared to issue rules, ensuring the industry will still gain regulatory clarity before and after the vote. The bill aims to establish a federal regulatory framework for crypto exchanges, brokers, and stablecoins by dividing token regulatory authority between the SEC and CFTC. Armstrong noted that the bill has broad bipartisan and industry support, with law enforcement agencies, banks, and crypto companies all expressing their backing, and key issues raised by Coinbase have been addressed. The only outstanding issue is the ethical provisions for elected officials holding digital assets, with the White House proposing a plan that includes strong ethical clauses, while Democrats are pushing for further measures, including mandatory asset divestiture, with both sides nearing a resolution. In response to JPMorgan CEO Jamie Dimon's criticism of Coinbase leveraging the bill's stablecoin provisions for regulatory arbitrage, Armstrong remarked that critics with large payment businesses face competitive issues and are speaking for themselves. He also mentioned that Goldman Sachs, BNY Mellon, and Fidelity all support the bill.

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