According to Brian Armstrong, CEO of Coinbase, the U.S. crypto industry will receive clearer regulations regardless of the outcome of the upcoming vote on the CLARITY Act. He made this statement during an interview with CNBC.
Coinbase's Expectations
Armstrong believes that the passage of the bill would establish definitive rules at the legislative level. If the bill does not pass, the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) will introduce their own regulatory initiatives.
“One way or another, we will achieve regulatory clarity—whether it’s on September 15 or a day or two later,” remarked the Coinbase chief.
A procedural vote on the CLARITY Act is scheduled for September 15 in the Senate. This vote will determine the future progress of the bill, although it does not guarantee its final approval.
Armstrong also noted that key concerns raised by Coinbase regarding the bill have already been addressed. During discussions, the interests of both political parties, law enforcement, banks, and crypto companies were taken into account, he emphasized.
Remaining Disagreements
However, the issue of ownership of digital assets by elected officials remains unresolved. Armstrong explained that the White House has proposed ethical restrictions, but Democrats are seeking additional requirements, including the divestment of relevant assets.
The Coinbase CEO further linked some banks' resistance to the bill to competition in the payments market, naming Goldman Sachs, BNY Mellon, and Fidelity as supporters of the legislation.
Banking associations are concerned about potential deposit outflows due to competition from stablecoins. Other critics of the bill argue that the measures against money laundering are insufficient.
In the lead-up to the vote, both parties have ramped up lobbying efforts in the states represented by their senators.
The crypto industry aims to push the bill forward before the midterm elections in November. A potential shift in the majority in the House of Representatives could complicate its passage. Previously, Senator Cynthia Lummis suggested that the CLARITY Act might be postponed for four years.
It is worth noting that in January, Coinbase withdrew its support for an earlier version of the bill, citing objections related to restrictions on transactions involving tokenized stocks and rewards for stablecoin holders.