Coinbase CEO Presses Senate to Pass CLARITY Act This Week
Coinbase CEO Brian Armstrong intensified his campaign on Aug. 3, urging senators to approve federal crypto market structure legislation this week. The Coinbase executive described the CLARITY Act as the result of extensive bipartisan negotiations and argued that it would support American jobs, tax revenue, and innovation.
“The CLARITY act represents a ton of bi-partisan work to finally establish clear rules for crypto in America, which 70% of Americans say we should already have,” Armstrong said. He presented the vote as a choice between bringing digital assets under American supervision and allowing more activity to move offshore. The proposal would bring more crypto businesses under U.S. oversight while expanding consumer protections, law enforcement authority, and banking opportunities.
Earlier in the legislative campaign, Armstrong described the CLARITY Act as being at the “one-yard line” after years of negotiations among lawmakers, regulators, and industry participants. U.S. Senator Cynthia Lummis (R-WY) released updated CLARITY Act text on July 22, combining work from the Senate Banking and Agriculture committees. She described the legislation as an opportunity to establish a lasting federal framework for digital assets.
The 616-page proposal establishes regulatory responsibilities for the SEC and CFTC. It also creates registration standards for exchanges, brokers, dealers, custodians, and other intermediaries, alongside customer protection, disclosure, and market oversight requirements. Banking provisions would authorize regulated institutions to conduct specified digital asset activities while addressing portfolio margining, capital treatment, and payment stablecoin balances. Additional sections address cybersecurity, illicit finance, bankruptcy protections, developer protections, digital asset kiosks, enforcement training, and international coordination.
“The bill even contains many pages of new authorities for banks to integrate stablecoins and crypto and grow their business, which we strongly support,” Armstrong said, noting, “This is about America getting back to winning, and remaining strong as a financial and technology hub.”
Support for the legislation has expanded beyond Coinbase. SEC Chair Paul Atkins endorsed congressional action and offered the agency’s technical assistance during the legislative process, describing legislation as the most durable approach for regulating evolving digital asset markets. Stand With Crypto has turned the Senate debate into a measurable political campaign, reporting 950,000 constituent contacts with lawmakers and pledging to score every CLARITY vote for more than 3 million advocates.
“1 in 4 Americans hold crypto – and passing CLARITY is a priority for them. American voters are 2x more likely to support a candidate that backs CLARITY, regardless of party preference. So the stakes are high for Senate leadership,” Armstrong argued, emphasizing that “CLARITY isn’t only a win for crypto users. It’s a win for the future of America as a global leader for finance, innovation, and national security.”