The U.S. Senate failed to advance the CLARITY Act, leaving the proposed crypto market structure bill stalled for now. Coinbase CEO Brian Armstrong said that while bipartisan talks may continue, the industry can no longer rely on Congress alone to move the regulatory process forward. He said the Securities and Exchange Commission and the Commodity Futures Trading Commission already have the tools, under their existing authority, to establish clearer rules and are expected to begin formally setting regulatory standards for the crypto sector. Armstrong also said the GENIUS stablecoin bill has already become more flexible on incentives, and that some concessions made during CLARITY negotiations may no longer need to be maintained. He added that as regulation becomes clearer, crypto technology will keep driving updates to the financial system.
The U.S. Senate failed to move forward with the CLARITY Act, leaving the proposed framework for crypto asset regulation stalled for now.
Coinbase CEO Brian Armstrong said that although bipartisan negotiations could still continue, the industry can no longer simply wait for Congress to act. He said the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) already have the tools under their existing authority to put clearer rules in place, and he expects them to formally begin setting regulatory standards for the crypto industry.
Armstrong also said the GENIUS stablecoin bill has already become more lenient on incentive mechanisms, and that some concessions made during CLARITY negotiations 「may no longer need to be insisted on」. He added that as the regulatory picture becomes clearer, crypto technology will continue to drive changes across the financial system.
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