The CLARITY Act Is at the One-Yard Line: Coinbase Says ‘It’s Time to Get It Over the Finish Line’
Coinbase CEO Brian Armstrong intensified pressure for a Senate vote on the CLARITY Act, describing the bipartisan legislation as near completion. In a July 27 X post, Armstrong called for an immediate vote, arguing that the bill would expand consumer protections, strengthen law enforcement authority, and provide a federal framework for digital assets.
“The CLARITY Act is at the one-yard line,” Armstrong said during a CNBC interview, noting that lawmakers from both parties spent thousands of hours negotiating the compromise. The proposal, he added, would replace the current lack of federal oversight with clear rules.
Updated bill text was released on July 22, reflecting negotiations between Senate banking and agriculture committees. The legislative text outlines disclosure standards, registration requirements, anti-fraud provisions, and expanded anti-money-laundering obligations for digital asset market participants.
Support for the bill has grown, with BlackRock, Fidelity Investments, Charles Schwab, and Goldman Sachs CEO David Solomon backing the market structure framework. Stand With Crypto has also announced it will score votes on the CLARITY Act, creating potential political pressure on lawmakers.
However, election-year scheduling poses challenges. Galaxy Research cut its estimate for the CLARITY Act becoming law in 2026 to 30%, citing a narrowing Senate timeline. The bill remains at the one-yard line, with floor action as the next major hurdle.