Coinbase CEO Brian Armstrong said the Digital Asset Market Clarity Act has a strong chance of passing after seeing support from both Democrats and Republicans in the Senate this week.
The bill is meant to make rules for cryptocurrency clear and to show which government agencies — SEC and the CFTC, are in charge. Armstrong said the law would help the crypto market grow in the United States, protect users, and stop regulators from overstepping.
After meetings with lawmakers on Wednesday, Armstrong said, “This is how we ensure the crypto industry can be built here in America, driving innovation and protecting consumers, and making sure we never have another Gary Gensler trying to take your rights.” He also said that senators on both sides want to pass the law soon. In a video posted on X, he said the bill is moving fast, like “a freight train leaving the station.”
Other leaders from Ripple, Kraken, Circle, Cardano, and venture capital firms like a16z, Paradigm, and Multicoin Capital joined the talks about the bill. Kraken CEO Arjun Sethi said the bill should focus on helping builders. He said, “The real fight is bigger: protecting the right to build protocols, chains, memes, tokenized equities, commodities, utilities, etc., and ensuring incentives stay with the builders, not just incumbents.”
Armstrong also spoke about stablecoins. Some banks tried to stop people from earning interest on stablecoins, saying they could hurt normal banks. Armstrong said lawmakers are not likely to allow this, and he pointed out that a similar attempt in the GENIUS Act failed.
Lawmakers also met with 18 Bitcoin leaders, including Michael Saylor, to talk about the Strategic Bitcoin Reserve. Saylor and others suggested the BITCOIN Act could let the U.S. government buy one million Bitcoins in the next five years without costing extra money. They suggested using money from gold certificates and tariffs to pay for it.
Senator Cynthia Lummis said the CLARITY Act could reach the president’s desk before the year ends.
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