On August 3rd, Coinbase (Nasdaq: COIN) CEO Brian Armstrong escalated his campaign, urging senators to approve a federal crypto market structure bill this week.
The Coinbase chief characterized the CLARITY Act as the result of extensive bipartisan negotiations and stated it would help create U.S. jobs, increase tax revenue, and foster innovation.
Armstrong wrote:
"The CLARITY Act is the result of tremendous bipartisan work to finally establish clear rules of the road for crypto in America – something 70% of Americans think should have happened already."
He framed the vote as a choice between bringing digital assets under American supervision or sending more of the activity offshore. This proposal would bring more crypto companies under U.S. oversight while expanding consumer protection, law enforcement capabilities, and banking opportunities.
Earlier in the legislative push, Armstrong described the CLARITY Act as being on the "one-yard line" after years of negotiations between lawmakers, regulators, and industry participants.
Updated CLARITY Bill Expands Federal Crypto Regulatory Framework
U.S. Senator Cynthia Lummis (R-Wyo.) unveiled an updated text of the CLARITY Act on July 22nd, incorporating work from the Senate Banking and Agriculture Committees. She framed the bill as a chance to build a durable federal regulatory framework for digital assets.
This 616-page draft legislation clarifies the regulatory authority of the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). It also sets registration standards for exchanges, brokers, dealers, custodians, and other intermediaries, alongside customer protection, disclosure, and market surveillance requirements.
Banking provisions would permit regulated institutions to engage in certain digital asset activities, while addressing portfolio margining, capital accounting, and stablecoin settlement. Additional sections cover cybersecurity, anti-illegal finance, bankruptcy protections, developer safeguards, digital asset kiosks, law enforcement training, and international coordination.
"The bill even includes many pages about new authority for banks to integrate stablecoins and crypto to expand their business, which we strongly support," said Armstrong, noting:
"This is about America stepping up to lead and maintain its position as the financial and technology hub, supporting economic growth, job creation and tax revenue."
"This week, we will see who in the Senate is representing the will of the people and stands up for passing this sound legislation," the Coinbase chief added.
Support for the Bill Extends Beyond Coinbase
Support for the bill has extended beyond Coinbase: SEC Chair Paul Atkins endorsed congressional action and offered the agency's technical assistance in the legislative process. He characterized the bill as the most sustainable approach to regulating evolving digital asset markets.
The Stand With Crypto initiative has turned the Senate debate into a major political campaign, reporting 950,000 voter contacts to lawmakers and pledging to score every CLARITY vote for its over 3 million supporters. The scorecard will become a public record of each senator's position.
"One in four Americans owns crypto – and passing the CLARITY Act is a priority for them. American voters are twice as likely to support a candidate who backs CLARITY (vs. those less inclined), regardless of party preference. So the stakes are high for Senate leadership," argued Armstrong, emphasizing:
end-content"CLARITY isn't just a win for crypto users. It's a win for America's future as a global leader in finance, innovation, and national security. The bill is a win across the board, and voters know it. Senators should too."
