Coinbase CEO Brian Armstrong stated in an interview with CNBC that the US crypto market will receive regulatory clarity regardless of the outcome of the vote on the CLARITY Act. According to him, passage of the bill will enshrine the rules at the legislative level. If the document does not pass, the SEC and CFTC will put forward their own regulatory initiatives. "Either way, we will get regulatory clarity – on September 15 or a day or two after," – said the exchange's CEO. A procedural vote on the CLARITY Act in the Senate is scheduled for September 15, which will determine the document's further progress, although it does not in itself mean its final adoption.
Armstrong reported that the key objections from Coinbase to the bill have already been resolved during negotiations, which took into account proposals from both parties, law enforcement agencies, banks, and crypto companies. However, the issue of digital asset ownership by elected officials remains unresolved: the White House has proposed ethical restrictions, but Democrats are pushing for additional requirements, including the sale of relevant holdings. The Coinbase CEO also linked some banks' resistance to competition in the payments market, naming Goldman Sachs, BNY Mellon, and Fidelity among the bill's supporters. Banking associations fear deposit outflows due to competition from stablecoins, while other opponents of the document consider the anti-money laundering measures insufficient.
The crypto industry is seeking to advance the document before the midterm elections in November, as a possible change in the House majority would complicate its passage. Senator Cynthia Lummis previously suggested that the CLARITY Act could be delayed by four years. In January, Coinbase declined to support the previous version of the bill, with the exchange's objections including restrictions on transactions with tokenized stocks and the payment of rewards to stablecoin holders.