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Coinbase CEO Says Congress Can’t Wait as SEC, CFTC Move to Clarify Crypto Rules After CLARITY Act Stall
Summary
- Coinbase CEO Brian Armstrong said he was disappointed that the CLARITY Act failed to advance in the Senate, but added that the industry can no longer wait for Congress.
- Armstrong said the SEC and CFTC can create clear rules to deliver regulatory clarity for digital assets under their existing authority, and that he expects them to begin that work in earnest.
- Armstrong said the GENIUS Act is more permissive than the CLARITY Act on stablecoin rewards, and added that the industry will continue updating the financial system as clarity takes shape through regulators.
Forecast Trend Report by Period
Coinbase Chief Executive Officer Brian Armstrong expressed disappointment after the CLARITY Act failed to advance in the U.S. Senate, but said regulatory clarity for digital assets will still emerge through the Securities and Exchange Commission and the Commodity Futures Trading Commission.
In a post on X on September 15, Armstrong wrote that it was disappointing the CLARITY Act did not make progress in the Senate that day. He added that bipartisan talks are continuing and the bill could still be revived, but said the industry can no longer wait for Congress.
Armstrong said the SEC and CFTC can establish clear rules for digital assets under their existing authority. He added that the agencies already have the tools they need and that he expects them to begin that work in earnest.
He also said regulatory clarity will come to the crypto market either way, signaling that efforts to build out the framework will continue through regulators even if congressional legislation fails.
On stablecoins, Armstrong pointed to the GENIUS Act, which he said has already been enacted. He said the law is more permissive than the CLARITY Act when it comes to stablecoin rewards.
Armstrong also expressed frustration over some concessions the crypto industry accepted during negotiations on the CLARITY Act. Some of those compromises were difficult to accept, he wrote, adding that this outcome may ultimately have been the best one.
Crypto cannot be undone, Armstrong said. As regulatory clarity takes shape through agencies, the industry will continue updating the financial system, he added.
