Armstrong Calls for Senate Floor Vote Before August Recess Coinbase ($COIN) CEO Brian Armstrong is pressing the U.S. Senate to bring the Digital Asset Market CLARITY Act to a full floor vote,
Coinbase ($COIN) CEO Brian Armstrong is pressing the U.S. Senate to bring the Digital Asset Market CLARITY Act to a full floor vote, arguing that lawmakers have already done the hard work needed to move the bill forward. Armstrong described the legislation as a bipartisan compromise shaped by thousands of hours of work from lawmakers on both sides.
Armstrong emphasised the urgent need to establish clear federal rules for the crypto industry before senators head into their August recess. He warned that the absence of a federal framework is actively harming consumers and pushing digital asset businesses outside U.S. regulatory reach.
"Crypto can't be uninvented at this point, so whether you love crypto or hate crypto, you should want clear federal laws. Let's finish this!" Armstrong said.
The legislation aims to define which digital assets are securities and which are commodities, a long-standing point of confusion that has led to enforcement actions rather than clear guidance.Currently, the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have overlapping and sometimes conflicting authority over digital assets.
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 revised text includes ethics provisions that would prohibit covered federal officials, including the president, vice president, and members of Congress, as well as their spouses, from issuing or sponsoring digital assets for compensation while in office.
The Act has previously passed the House and cleared the Senate Banking Committee with a 15-9 vote, positioning it for broader Senate consideration.The bill must still achieve a 60-vote threshold in the Senate, undergo House-Senate reconciliation, and receive a presidential signature to become law.Armstrong pointed to the collapse of FTX as an example of the consumer risks created when major parts of the industry operate offshore and beyond the direct reach of U.S. regulators.
Sources:Crypto Times: Brian Armstrong Says CLARITY Act Is Ready for Senate Floor VoteU.S. Senate Banking Committee: The Facts on the CLARITY ActCNBC: Coinbase CEO Brian Armstrong on the CLARITY Act
