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Coinbase CEO Brian Armstrong has endorsed the Digital Asset Market Structure and Investor Protection Act, the same bill he publicly rejected months ago as unacceptable “as written.”
The reversal, announced on X, signals that revised provisions have resolved Coinbase’s core objections and positions the largest US crypto exchange as an active supporter of legislation that would define how digital assets are classified and regulated. US Treasury Secretary Scott Bessent has also called for swift passage. The Senate Banking Committee has not yet scheduled a markup.
The Clarity act received a major credibility boost after Armstrong publicly endorsed the revised draft, echoing calls from US Treasury Secretary Scott Bessent for swift congressional action.
“It’s time to pass the Clarity-act,” Armstrong declared in a post on X, underscoring urgency around establishing clear crypto regulations.
His comments align with Bessent’s recent Wall Street Journal opinion piece, where the Treasury chief urged lawmakers to finalize legislation that defines how digital assets are classified and regulated in the United States.
The shift is more than symbolic. Coinbase, as the largest US-based crypto exchange, plays a pivotal role in shaping policy discussions. Its renewed support suggests that the Clarity act has evolved into a more industry-friendly framework.
Despite growing optimism, the Clarity-act remains far from becoming law. The legislative process is incomplete, with key steps still pending in the Senate.
While the Senate Agriculture Committee approved its portion earlier this year, the Senate Banking Committee has yet to schedule a markup session—a crucial step for addressing oversight issues tied to securities and commodities.
The delay highlights ongoing tensions around the Clarity-act, particularly on complex issues like tokenized equities, stablecoin yields, and regulatory jurisdiction between agencies.
Coinbase Chief Legal Officer Paul Grewal recently hinted that progress is being made behind closed doors.
“We’re very close to a deal,” Grewal said, suggesting that negotiations on the Clarity act are advancing despite the public standstill.
The debate over the Clarity-act has become a focal point for broader crypto policy discussions in Washington.
Industry leaders and regulators are locked in a high-stakes effort to define the future of digital asset oversight.
Executives from major firms, including Coinbase and Ripple Labs, have engaged directly with policymakers to shape the bill’s direction.
Armstrong himself reportedly held discussions with Donald Trump before Trump publicly called for progress on crypto market structure legislation.
These interactions highlight the growing influence of the crypto sector in US policy circles, with the Clarity act emerging as a cornerstone of regulatory reform.
Coinbase’s renewed backing of the Clarity act comes at a strategic moment. The company recently secured approval for a national bank trust charter from the Office of the Comptroller of the Currency, a move that strengthens its regulatory standing.
This decision follows similar approvals granted to firms like Paxos, Ripple, BitGo, Circle, and Fidelity Digital Assets—signaling a broader shift toward institutional acceptance of crypto.
The timing reinforces the importance of the Clarity act, as clearer rules could unlock further growth and innovation across the sector.
The evolving support for the Clarity-act suggests the bill may finally be approaching a breakthrough after months of uncertainty.
With Coinbase now aligned with policymakers and Treasury leadership, momentum appears to be shifting. Still, the outcome remains uncertain.
The Clarity act must navigate complex legislative hurdles before reaching a full Senate vote.
For now, Armstrong’s endorsement has injected fresh energy into the debate—raising expectations that the Clarity-act could soon deliver the regulatory clarity the crypto industry has long demanded.
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