Coinbase CEO to Meet Republican Senators Ahead of CLARITY Act Vote
Summary
- Brian Armstrong, CEO of Coinbase, plans to meet with Republican senators ahead of a key vote on the CLARITY Act.
- The bill includes provisions on stablecoin reward structures, protections for decentralized finance (DeFi), and federal standards for digital-asset regulation.
- Coinbase withdrew support for the bill over stablecoin yield limits and DeFi protections, but its stance has softened after revisions were proposed.
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Brian Armstrong, chief executive officer of Coinbase, plans to meet with Republican senators ahead of a key vote on the CLARITY Act, a US bill to set market-structure rules for digital assets.
Armstrong is scheduled to meet Republican senators on May 14, crypto media outlet Odaily reported on May 12. The meeting comes before the Senate Banking Committee is expected to review and vote on the CLARITY Act on May 15.
The latest draft under discussion is more than 300 pages long. It includes provisions covering stablecoin reward structures, protections for decentralized finance, or DeFi, and federal standards for digital-asset regulation.
Coinbase previously withdrew its support for the bill, citing limits on stablecoin yields and concerns about DeFi protections. Its stance has since softened after Senators Thom Tillis and Angela Alsobrooks pushed revisions to the measure, according to the report.
Armstrong recently said the bill does not reflect everything the industry wanted, but preserves its core demands.
US banking industry groups are still lobbying for tougher stablecoin provisions. Some Democratic lawmakers are also seeking conflict-of-interest rules that would bar government officials from participating in crypto businesses.
