Coinbase CEO Brian Armstrong expects the CLARITY Act to win Senate support as lawmakers prepare for a September 15 vote on the digital asset market structure bill. He said crypto firms, law enforcement groups, and several banks broadly support the legislation. Armstrong also said regulators could deliver clearer rules even if Congress does not advance the measure.
The legislation would divide federal oversight of digital assets between the Securities and Exchange Commission and the Commodity Futures Trading Commission. Tokens treated as securities would stay under SEC oversight. Meanwhile, decentralized digital commodities such as Bitcoin would fall under the CFTC.
Armstrong told CNBC’s ‘Squawk Box Asia’ that people he has spoken with are ready to support the bill. He described its potential passage as a major regulatory milestone for the US crypto industry.
Still, the Senate faces a key hurdle because supporters need 60 votes. Ethics provisions remain part of the negotiations ahead of the scheduled September vote. Democratic Senator Ruben Gallego said stronger ethics legislation could help the bill reach that threshold. Armstrong said negotiators appeared ‘very close to a solution’ on the ethics provisions.
Armstrong said the industry could still gain regulatory clarity if the legislation fails. He said the SEC and CFTC are ready to publish rulemaking around the vote or shortly afterward.
That outcome would leave Congress without new legislation, but regulators could still move forward with their own frameworks. Armstrong said the industry would receive greater clarity through either path.
Lawmakers introduced the CLARITY Act in May 2025, and the measure later passed the House. The proposal would also place federal requirements on crypto exchanges, brokers and other digital asset market participants.
Stablecoin provisions and other parts of the digital asset market have also become central to negotiations. The bill seeks to create a federal market structure for digital assets.
Armstrong said passage could help unlock institutional capital and support products such as tokenized equities in the United States. He described the legislation as an important regulatory requirement for the sector.
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Coinbase has also expanded beyond crypto spot trading as that business has remained weak over the past year. Armstrong said trading still produces about half of the company’s revenue.
The company has moved into stocks, commodities and foreign exchange. Its non-trading revenue also includes stablecoin services and institutional custody. Coinbase reported second-quarter revenue of USD 1.2 billion in July, down from USD 1.5 billion one year earlier.
The company posted a USD 359.5 million net loss. This compared with a USD 1.43 billion profit during the year-earlier quarter. Coinbase also missed Wall Street expectations for revenue and earnings for a third consecutive quarter.
The CLARITY Act now faces a September 15 Senate vote, with the 60-vote threshold and ethics provisions still central to negotiations. Armstrong says either congressional approval or SEC and CFTC rulemaking could bring greater clarity, while Coinbase continues expanding beyond spot crypto trading.