Coinbase CEO Brian Armstrong said the crypto industry will gain regulatory clarity regardless of how the U.S. Senate votes on the Clarity Act on Sept. 15. In an interview with CNBC, Armstrong said passage of the bill would give the sector legislative backing, while a failure to pass would still leave the industry with clearer rules because the Securities and Exchange Commission and the Commodity Futures Trading Commission have both indicated they are ready to issue regulations. He described the Digital Asset Market Clarity Act as a framework that would divide token oversight between the SEC and CFTC and establish federal rules for crypto exchanges, brokers, and stablecoins. Armstrong also said the bill has support from both political parties and broad backing across the industry, including law enforcement agencies, banks, and crypto companies, adding that Coinbase’s earlier concerns had been addressed. The main unresolved issue, he said, is an ethics provision covering elected officials who hold digital assets, though the White House and Democrats are said to be nearing a solution. Armstrong also pushed back on criticism from JPMorgan CEO Jamie Dimon, saying opponents with large payments businesses have a competitive interest in the debate.
Coinbase CEO Brian Armstrong said the crypto industry will gain regulatory clarity regardless of the outcome of the U.S. Senate’s Sept. 15 vote on the Clarity Act.
Speaking to CNBC, Armstrong said that if the bill passes, the industry will have legislative support. If it fails, he said, the Securities and Exchange Commission and the Commodity Futures Trading Commission have already indicated they are prepared to issue rules, which would still give the sector clearer oversight around the time of the vote.
Bill focuses on dividing oversight between the SEC and CFTC
The Digital Asset Market Clarity Act is designed to create a federal rule framework for crypto exchanges, brokers, and stablecoins by splitting regulatory authority over tokens between the SEC and the CFTC.
Armstrong said the bill has broad support from both parties and across the industry. He said law enforcement agencies, banks, and crypto companies have all backed it, and added that the key issues previously raised by Coinbase had been addressed.
Ethics provision remains the main unresolved issue
According to Armstrong, the only major issue still unresolved is an ethics provision for elected officials who hold digital assets. He said the White House has put forward a proposal with strong ethics language, while Democrats want to go further, including mandatory divestment of assets. The two sides are close to a resolution, he said.
Armstrong answers Jamie Dimon’s criticism
Responding to JPMorgan CEO Jamie Dimon’s criticism that Coinbase was using the bill’s stablecoin provisions for regulatory arbitrage, Armstrong said critics with large payments businesses face a “competition issue” and were “speaking for themselves.”
He also said Goldman Sachs, BNY Mellon, and Fidelity support the bill.
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