Coinbase (Nasdaq: COIN) CEO Brian Armstrong urged lawmakers to advance the CLARITY Act in a July 27th X post, asserting that this bipartisan proposal would strengthen consumer protections, expand law enforcement tools, and provide regulatory clarity for the cryptocurrency industry.
Calling for an immediate vote, the Coinbase executive emphasized that legislators have spent thousands of hours crafting a compromise and should finalize the legislative process without further delay.
Coinbase CEO Says CLARITY Act is Close to the Finish Line
The X post also included a clip from Armstrong's July 21st interview with CNBC, where he characterized the bill as the result of years of negotiations between both parties.
Armstrong noted:
"The CLARITY Act is on the one-yard line, and it reflects the work of both parties who, along with their staff, have spent thousands of hours achieving a genuine bipartisan compromise."
The Coinbase CEO used a football metaphor to stress that the bill is on the verge of passage and should be brought to a final vote in the Senate without further delays.
The executive also stated that the bill would expand law enforcement powers, introduce new consumer protections, and create a federal regulatory framework for the digital asset industry.
"This bill will strengthen law enforcement powers. It will introduce new consumer protections, and we need to remember that currently, we have no federal laws protecting consumers or fostering this industry's growth in the United States, so the status quo is not working," Armstrong explained, concluding:
"This bill will bring huge benefits to the United States of America, and it's time to get it over the goal line."
Updated CLARITY Act Receives Industry Backing Amid Shrinking Senate Calendar
On July 22nd, Senate Republicans released updated text for the CLARITY Act, reflecting the outcome of negotiations involving the Senate Banking and Agriculture Committees. A step-by-step summary attached to the CLARITY Act outlines disclosure standards, registration requirements, anti-fraud provisions, and expanded anti-money laundering obligations for digital asset market participants.
Political pressure surrounding the CLARITY Act intensified after the Stand With Crypto organization announced that votes on CLARITY would be counted in its scorecard. The organization indicated that lawmakers' positions on this bill would become part of its public scorecard, potentially influencing millions of crypto-interested voters.
Institutional backing also ramped up: alongside support from Fidelity Investments, Charles Schwab, and Goldman Sachs CEO David Solomon, the "CLARITY Act" has been endorsed by BlackRock, as top financial leaders urged Congress to approve a federal market framework before the current legislative window closes.
The election calendar has further raised the stakes, as the Senate's working days before the midterm elections dwindle, and a full floor vote becomes the next major hurdle for market structure legislation.
