Coinbase Chief Executive Officer Brian Armstrong said on X that The Wall Street Journal is preparing a report that would blame Coinbase and Armstrong personally for the failure of the U.S. CLARITY Act to pass. Armstrong said the newspaper’s earlier coverage of the bill showed clear hostility and repeated arguments from banking industry lobbying groups. He said he did oppose one draft of the CLARITY Act from reaching a committee vote in January because it still had major flaws on DeFi, tokenization, the scope of Commodity Futures Trading Commission oversight, and stablecoin rewards. In his view, those issues could have harmed the crypto industry, and the bill also lacked enough support to pass at that stage. Armstrong said Coinbase later worked with multiple parties to revise the legislation, and that all four issues were addressed in the version sent to committee about four months later. He added that the final version of the CLARITY Act submitted to the Senate was "good" and that he strongly supported it. Armstrong said opposing the early draft did not mean opposing the CLARITY Act itself, but reflected an effort to push for a stronger and fairer regulatory framework for crypto.
Coinbase CEO Brian Armstrong said on X on Sept. 19 that The Wall Street Journal is preparing a story that would blame Coinbase and Armstrong himself for the failure of the U.S. CLARITY Act to pass.
Armstrong said the Journal’s earlier coverage of the CLARITY Act showed what he described as clear hostility and repeated the views of banking industry lobbying groups.
He said he did oppose one draft of the CLARITY Act from advancing to a committee vote in January. According to Armstrong, that version still had major flaws involving DeFi, tokenization, the Commodity Futures Trading Commission’s regulatory authority, and stablecoin rewards, and it "could harm the crypto industry." He also said the bill did not have enough support at the time and would not have passed.
Armstrong said Coinbase then worked with multiple parties to revise the legislation. He said those four issues were resolved in the version that went before the committee about four months later.
He added that the final version of the CLARITY Act submitted to the Senate was "good" and that he strongly supported it. Armstrong said his opposition to the earlier draft did not mean opposition to the CLARITY Act itself, but reflected an effort to push for a more complete crypto regulatory framework. He also said he would continue working toward clear rules that are fair to the crypto industry.
This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan. Disclaimer:
The market information, project data, and third-party content displayed on this platform are for industry information sharing only and do not constitute any form of investment advice or return commitment.
Cryptocurrency trading carries high risks. Users should fully assess their risk tolerance and make independent decisions. All profits, losses, and legal responsibilities are borne by the users themselves.
