Coinbase CEO Brian Armstrong has reversed his earlier opposition to the Digital Asset Market CLARITY Act, publicly urging Congress to pass the updated bill. In a post on X, he said months of negotiations produced a structure strong enough to proceed, aligning with Treasury Secretary Scott Bessent's call for legislative action.
Key revisions unlocked Armstrong's support
Armstrong previously withdrew backing in January and March, delaying a Senate Banking Committee markup vote and exposing industry splits. His core concerns centered on stablecoin yield restrictions and tokenized equity provisions. During recent talks, those issues were addressed, prompting the Coinbase chief to endorse the bill and highlight bipartisan improvements.
Coinbase Chief Legal Officer Paul Grewal confirmed lawmakers are close to an agreement, with regulatory divisions narrowing. The CLARITY Act splits oversight between securities and commodities frameworks, requiring coordination across committees.
Uneven progress in Senate committees
The Senate Agriculture Committee approved its portion in January, but the Banking Committee has not yet scheduled a markup — a prerequisite for a full Senate vote. The House passed the bill in July 2025, but Senate delays stalled momentum. A White House analysis estimated a full ban could cost consumers $800 million annually, adding urgency to passage efforts.
Mixed reactions across the industry
Ripple CEO Brad Garlinghouse supports the legislation, while banking groups remain uneasy about stablecoin yield rules. A compromise on yield provisions helped move discussions forward. Reports also indicate Armstrong met with former President Donald Trump, who has urged faster crypto regulation, before this endorsement.
The bill still faces Banking Committee approval, a full Senate vote, and potential conference with the House. Industry participants are watching closely.