In a post on X, Armstrong said the bill, as it stands after months of negotiation, is strong enough to move forward. “It’s time to pass the Clarity Act,” he wrote.
His change of heart follows an op-ed by US Treasury Secretary Scott Bessent in the Wall Street Journal, in which Bessent urged Congress to act without further delay. Armstrong said Coinbase agreed with the Treasury chief’s position.
Issues around stablecoin yield, tokenized equities, and ethics provisions were among the sticking points holding things up.
Negotiations Inch Toward A DealThe Senate Agriculture Committee already approved the bill in January, clearing one of two key hurdles. The Senate Banking Committee has yet to schedule its own markup, which must happen before the full chamber can vote.
Both panels are responsible for different parts of the bill — one covering securities rules, the other commodities regulations.
Getting the bill through will require alignment from both sides of a complicated regulatory divide. Crypto executives and banking industry representatives have all had a hand in shaping the current draft through direct talks with administration officials.
Crypto’s Reach In Washington Continues To GrowCoinbase is not the only company that has benefited from a friendlier political climate. Paxos, Ripple Labs, BitGo, Circle, and Fidelity Digital Assets all received similar charter approvals in December.
Whether the Senate Banking Committee moves quickly remains to be seen. But with the Treasury Secretary, the White House, and now Coinbase’s CEO aligned behind the legislation, the pressure on Congress to act is real.
Featured image from Thana Prasongsin/Getty Images, chart from TradingView
