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Coinbase CEO Brian Armstrong says the Clarity Act is likely to pass with broad support from the crypto industry and banks

Coinbase CEO Brian Armstrong stated that the Clarity Act, a federal framework for digital assets, is likely to pass due to broad support from crypto firms, law-enforcement groups, and several banks. The legislation aims to define oversight between the Securities and Exchange Commission and the Commodity Futures Trading Commission. A Senate vote on the bill is scheduled for September 15. Armstrong noted that the crypto industry will receive regulatory clarity regardless of the outcome of the vote, as the SEC and the CFTC have expressed readiness to publish rulemaking. He highlighted that the ethics provisions for elected officials holding digital assets are currently being negotiated, with both sides appearing close to a solution. While some Republican senators warned the bill might fail if the White House does not bridge the gap on ethics language, the administration announced that President Trump has been unequivocal in his desire for the bill to pass. The administration stated that the most comprehensive ethics provision in history has already been offered. Armstrong also noted that Coinbase has been diversifying its business beyond spot trading, which has been down for the last year. The company reported a net loss of $359.5 million in its second quarter, missing Wall Street's expectations for both revenue and earnings for a third straight quarter.

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