Coinbase: Banks backing CLARITY include its most vocal critic

Coinbase says the CLARITY Act is nearing passage and could become the most significant financial regulatory overhaul since Dodd"Frank. In a Fox Business interview on Monday, Coinbase policy chief Faryar Shirzad argued the bill would rewrite the familiar "crypto vs. banks" narrative. He said it would be the first legislation since the 1990s to give banks new authority to enter the crypto market, and that large institutions are eager to do so. "I know JPMorgan wants to get into it. Every other big bank wants to get into the crypto sector," Shirzad said. The comment is notable given JPMorgan CEO Jamie Dimon said last week he would fight the measure, and because JPMorgan is also Coinbase's banking partner. Shirzad said the bill's prospects are strong, pointing to a unified Republican caucus and roughly 80 House Democrats who supported it. He also cited time pressure: Sen. Cynthia Lummis has warned that if the effort stalls this Congress, the next realistic window for major digital asset legislation may not come until 2030. The bill has cleared Senate Banking 159 and would need 60 votes on the Senate floor.