Brian Armstrong, CEO of cryptocurrency platform Coinbase, expressed confidence that the US digital asset industry is on the verge of receiving clear regulatory rules, irrespective of the legislative outcome in Congress.
Speaking to CNBC’s “Squawk Box Asia,” Armstrong noted that the Clarity Act, a landmark piece of legislation designed to establish a comprehensive federal framework for digital assets, is “ready to get a yes vote.” According to Armstrong, conversations with key senators indicate strong bipartisan momentum behind the bill ahead of its scheduled Senate vote on September 15.
The Clarity Act aims to draw clear jurisdictional lines between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). The bill previously passed the House of Representatives last July, but faces a key hurdle in the Senate, where proponents must secure 60 votes to overcome procedural obstacles. Negotiations have largely centered around finalizing ethics provisions to ensure broad support.
Democratic Senator Ruben Gallego of Arizona noted last month that pairing robust ethics legislation with key operational guardrails remains the primary pathway to reaching the required 60-vote threshold. Armstrong indicated that negotiators appear to be very close to resolving these final details.
Should the Clarity Act pass, Armstrong described it as a major industry milestone that would clear significant regulatory hurdles. He emphasized that federal statutory clarity could help unlock substantial institutional capital and pave the way for complex financial products in the US, including tokenized equities.
Industry Oversight Expected via Agency Rulemaking if Bill Fails
Even if the Senate fails to pass the Clarity Act, Armstrong stressed that the crypto sector will still achieve necessary regulatory framework improvements. He highlighted that both the SEC and the CFTC are prepared to initiate formal agency rulemaking processes to address industry oversight if legislative efforts stall.
Because both financial regulators have indicated a readiness to publish guidance, Armstrong expressed optimism that clear operational parameters will emerge either through congressional action or agency rules shortly after the mid-September deadline.
The push for legislative certainty comes during a period of strategic transition for Coinbase. The company has actively sought to diversify its business models beyond traditional spot crypto trading, an area that Armstrong acknowledged has experienced prolonged softness over the past year. Spot trading currently accounts for roughly half of Coinbase’s revenue, prompting the firm to expand into stock trading, commodities, foreign exchange, institutional custody, and stablecoin services.
Financial results have reflected these market headwinds. In July, Coinbase reported second-quarter revenue of $1.2 billion, down from $1.5 billion in the same period a year earlier, alongside a net loss of $359.5 million. To navigate domestic regulatory ambiguity, the company has also expanded its international presence by opening regional hubs in Singapore and the United Arab Emirates. While global hubs allow the firm to scale in crypto-receptive jurisdictions, Armstrong affirmed that long-term regulatory certainty in the US remains vital for the broader digital asset ecosystem.
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