Crypto Market Structure Bill Enters Crucial Stage, Coinbase CEO Says “It’s Time”
The crypto market structure bill, specifically the CLARITY Act, is entering a crucial stage in the US legislative process. US legislators are set to return to Capitol Hill next week with the goal of passing the bill before the end of the month. The bill has been a major focus this year, though it has been stalled in the Senate Banking Committee due to debates over stablecoin rewards, tokenized equities, and other crypto-related issues.
Treasury Secretary Scott Bessent published an op-ed in the Wall Street Journal, urging Congress to pass the CLARITY Act to maintain US leadership in financial market regulation. He emphasized the need for clear rules and adaptation to innovation. In a follow-up post on social media, he called for the Senate Banking Committee to send the bill to President Trump’s desk.
Coinbase CEO Brian Armstrong endorsed the Treasury Secretary’s stance, expressing gratitude for bipartisan efforts and stating that it is time for the bill to pass. This marks a shift from his company’s earlier threat to withdraw support for the legislation "as written." A White House study found that stablecoin rewards, a primary concern, are unlikely to significantly impact bank lending or credit markets.
bitcoinist04/12 11:01