Coinbase CEO: U.S. Crypto Rules Could Become Clearer Regardless of CLARITY Act Outcome

Coinbase CEO Brian Armstrong said the U.S. crypto industry could see clearer regulatory rules around the Senate's next vote on the CLARITY Act, whether the bill advances or stalls. Speaking ahead of a Sept. 15 procedural vote, Armstrong said clarity could come through two channels: congressional legislation or near-term rulemaking and guidance from the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). He added that agency action can narrow uncertainty for companies operating in the U.S., though it cannot fully substitute for legislation because regulators are limited to authority already granted by Congress. The CLARITY Act would establish a federal market-structure framework and split oversight of digital assets between the SEC and CFTC. It also lays out rules for exchanges, brokers, digital commodities and other market participants, aiming to resolve long-running disputes over which regulator controls different parts of the crypto market. The Senate is set to hold a cloture vote on Sept. 15, a procedural step requiring 60 votes to move the bill forward. If successful, the measure would proceed to debate and further Senate action rather than heading directly to the president. The House passed the CLARITY Act in July 2025. The Senate Banking Committee later advanced it in May 2026 by a 15–9 vote. Polymarket data shows the bill at a 17% chance of being signed into law in 2026, down 48 percentage points, with about $14.55 million in trading volume. Armstrong said negotiations have produced broad compromises across hundreds of pages, with support from banks, crypto firms and law-enforcement groups. Opposition remains among some Democrats and Republicans, centered on safeguards and banking-related concerns. Ethics provisions remain a key sticking point. Armstrong said lawmakers are still negotiating rules covering digital asset holdings and conflicts of interest for elected officials. Democrats have pushed for tougher restrictions, including potential divestiture requirements. The White House has offered an ethics proposal, while Democratic lawmakers are seeking additional measures. Armstrong said the parties appear close to agreement, and Sen. Ruben Gallego has tied stronger ethics language to the effort to secure 60 votes. Banking industry concerns are also part of the debate. JPMorgan CEO Jamie Dimon has criticized stablecoin provisions that could increase competition for bank deposits. Armstrong disputed that view and pointed to support from Goldman Sachs, BNY Mellon and Fidelity. Beyond policy, Armstrong said Coinbase is working to diversify revenue as spot trading activity softens. Trading accounts for about half of the company's revenue, he said, while Coinbase has expanded into stocks, commodities, foreign exchange, stablecoins and institutional custody. Coinbase reported second-quarter revenue of $1.2 billion, down from $1.5 billion a year earlier. The company posted a net loss of $359.5 million after reporting a $1.43 billion profit in the prior-year period. It also missed Wall Street estimates for revenue and earnings for a third consecutive quarter. Armstrong said Coinbase continues to expand internationally, including in the United Arab Emirates and Singapore, which he described as the company's Asia hub. Even so, the Sept. 15 vote keeps U.S. regulatory policy at the center of its focus. Armstrong said a failure to clear cloture would push attention toward SEC and CFTC action, while success would keep the legislative path alive. He argued that either outcome could affect Coinbase's operating environment, though congressional legislation would provide a more durable statutory framework.