Coinbase CEO Brian Armstrong said the CLARITY Act is ready for Senate floor consideration as Stand With Crypto reported 950,000 contacts with lawmakers, intensifying pressure for action on a federal digital asset framework.
Key Takeaways
Stand With Crypto said its members have contacted lawmakers 950,000 times in support of the CLARITY Act.Brian Armstrong said the bill could reach the full Senate floor within weeks.The legislation would clarify federal oversight of digital assets, add consumer safeguards, and impose ethics restrictions on senior federal officials and members of Congress.The group described the bipartisan legislation as a consumer-focused measure that has been years in the making and urged senators to take up the bill.
Coinbase CEO Brian Armstrong joined the push during a visit to Capitol Hill, thanking the group’s members for contacting their representatives and urging lawmakers to complete work on the legislation.
“The Clarity Act is ready for a full Senate floor vote.”
Armstrong Sees Floor Action Within WeeksIn a video recorded during a visit to Capitol Hill, Armstrong described the bill as being “at the one-yard line” and said its next legislative step could come soon.
The Coinbase CEO said:
“I think in the next few weeks, we have a good chance of getting this bill to the full Senate floor.”
He argued that the lack of a comprehensive federal framework has left consumers vulnerable, pushed parts of the crypto industry offshore and reduced the ability of U.S. regulators to oversee companies serving American customers.
Armstrong pointed to the collapse of FTX as an example of the damage bad actors can cause when clear rules and effective oversight are absent. He said the bill would strengthen protections for customers while giving law enforcement more tools to pursue fraud and other misconduct.
“Crypto can’t be uninvented at this point, so whether you love crypto or hate crypto, you should want clear federal laws,” Armstrong wrote.
CLARITY Act Would Divide SEC and CFTC OversightThe proposal also includes tailored disclosure requirements, anti-evasion provisions, and restrictions intended to limit insider abuse and market manipulation.
