- Brian Armstrong urged the Senate to pass the CLARITY Act, calling it a bipartisan framework for clear U.S. crypto regulation.
- Senate consideration remained tied to unresolved ethics negotiations as lawmakers awaited a White House response before a vote.
- The CLARITY Act would define oversight, registration standards and consumer protections for the U.S. digital asset industry.
Coinbase CEO Brian Armstrong renewed his call for the U.S. Senate to pass the CLARITY Act this week, arguing the bill reflects bipartisan work and growing voter interest in crypto regulation. His Aug. 3 remarks came as lawmakers awaited a White House response to a revised ethics proposal, while industry leaders continued pushing for Senate action before the August recess.
Senate Vote Hinges On Ethics Talks
Armstrong said one in four Americans now hold cryptocurrency and described CLARITY as a priority for many voters. According to him, voters are twice as likely to support candidates who back the legislation, regardless of political affiliation.
Coinbase also published a message stating, “America needs CLARITY.” Meanwhile, Armstrong said the bill would establish clear crypto rules after years of bipartisan negotiations.
However, journalist Eleanor Terrett reported that the White House had not responded to an ethics counterproposal submitted last Thursday. According to her source, Senators Thom Tillis and Ruben Gallego sent the proposal, leaving the legislation’s biggest unresolved issue unsettled before a possible vote.
Armstrong Details Proposed Framework
Armstrong said the legislation would expand U.S. oversight of digital asset businesses while strengthening consumer protections and law enforcement authority. He also said the proposal would create additional banking opportunities for the crypto industry.
Earlier, Senator Cynthia Lummis released updated CLARITY Act text combining work from the Senate Banking and Agriculture committees. The 616-page proposal assigns responsibilities to the Securities and Exchange Commission and Commodity Futures Trading Commission.
Notably, the bill also establishes registration standards for exchanges, brokers, dealers, custodians, and other intermediaries. It further addresses cybersecurity, bankruptcy protections, illicit finance, developer protections, digital asset kiosks, and international coordination.
Industry Awaits Senate Action
Support has also extended beyond Coinbase. SEC Chair Paul Atkins endorsed congressional legislation and offered the agency’s technical assistance during the process.
Meanwhile, Stand With Crypto reported nearly 950,000 constituent contacts with lawmakers. The organization also said it would score every Senate CLARITY vote for more than three million advocates.
Kristin Smith, former Blockchain Association CEO and current Solana Institute president, said a motion to proceed remains possible this week. She added that a cloture vote could still happen before lawmakers begin the August recess.
Smith also noted that major legislation often faces delays before advancing. She pointed to the GENIUS Act, which failed an earlier cloture vote before later passing the Senate and becoming law.
