Armstrong: CLARITY stalls in Senate; SEC and CFTC can still deliver crypto rulebook
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Coinbase CEO Brian Armstrong said the CLARITY Act failed to advance in the Senate, increasing near-term uncertainty around U.S. crypto market structure legislation. He argued the SEC and CFTC can still deliver rulemaking under existing authority, implying a shift toward agency-led clarity rather than Congressional action. He also noted the GENIUS Act is effectively shaping stablecoin rules. The headline is mixed: policy momentum slowed, but regulatory clarity may still progress.
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Brian Armstrong said on X that it was disappointing to see the CLARITY Act fail to move forward in the U.S. Senate on Tuesday. He noted bipartisan talks may continue and the bill could return, but argued the industry cannot keep waiting on Congress.
Armstrong said the SEC and CFTC already have the authority under their existing mandates to set clearer rules. He expects both agencies to begin pushing that work in earnest, adding that regulatory clarity for cryptocurrencies will arrive regardless.
He also said the GENIUS Act has effectively become the go-to framework for stablecoins, including more permissive language around rewards. Armstrong added that the CLARITY Act's drafting process involved concessions he viewed as unacceptable, and suggested the bill's stalled progress may ultimately be the best outcome.
Armstrong said cryptocurrency cannot be eliminated and that, as regulators define the rules more clearly, industry participants will keep pressing for broader updates to the financial system.
