Brian Armstrong, CEO of Coinbase, stated that the US crypto industry will achieve regulatory clarity regardless of the outcome of the CLARITY Act vote. According to Armstrong, if the bill fails, the SEC and CFTC are expected to introduce their own regulatory initiatives. The procedural vote in the Senate is scheduled for September 15.
Armstrong noted that Coinbase's primary concerns regarding the bill have been addressed following negotiations with both political parties, law enforcement, banks, and crypto firms. However, ethical restrictions for elected officials regarding digital asset ownership remain a point of contention between the White House and Democrats.
While some banking associations fear deposit outflows due to competition with stablecoins, major institutions such as Goldman Sachs, BNY Mellon, and Fidelity support the legislation. The industry aims to advance the bill before the November midterm elections, as a shift in the House majority could delay the process for up to four years.
