Brian Armstrong Expects Clarity Act To Clear 60 Vote Threshold

Coinbase CEO Brian Armstrong says he is confident that the Digital Asset Market Clarity Act will pass the Senate with bipartisan support when it comes to the floor in September.

Armstrong Backs a September Win

Speaking on CNBC's Squawk Box, Armstrong said he is "pretty optimistic" that the CLARITY Act will receive more than 60 votes in the Senate in September. That threshold matters because Senate rules require 60 votes to advance major legislation past a filibuster. The CLARITY Act is set for a procedural vote on September 15, according to Senate Majority Leader John Thune.

Armstrong said the CLARITY Act dominated discussions both publicly and inside the Oval Office, adding that both sides have secured roughly 90% of what they want from negotiations.

The bill would create a federal rulebook for issuing, trading, and holding digital assets, dividing oversight between the Securities and Exchange Commission and the Commodity Futures Trading Commission, setting standards for exchanges and other intermediaries, and defining how decentralized finance developers and protocols would be treated.

Ethics Provisions Remain the Sticking Point

Armstrong acknowledged that ethics provisions related to President Donald Trump's crypto investments remain one of the more contentious issues surrounding the bill, but noted that "the President and the White House have put an ethics offer on the table that could go into the Clarity Act."

The Senate Banking Committee advanced the CLARITY Act in May by a vote of 15 to 9, with two Democrats joining all 13 Republicans, though those Democrats indicated their committee votes did not guarantee support on the Senate floor without further progress on outstanding issues, particularly an ethics provision addressing government officials' ties to the crypto industry.

Armstrong has also argued the bill will broaden consumer protections and prevent a repeat of the FTX fallout. He said the legislation could help crypto companies, banks, and law enforcement while also giving clearer protection to Americans who own digital assets.

For Armstrong and the broader crypto industry, the September 15 vote represents a pivotal moment. If lawmakers reach an agreement, the United States will take an important step toward providing much-needed clarity for crypto businesses at all levels. Failure would mean the crypto industry will have to wait until the next Congress to resolve the issue.

Sources:
Yahoo Finance: Coinbase CEO Expects Trump Ethics Offer to Help Advance CLARITY Act
Forbes: Crypto's Landmark CLARITY Bill Is Running Out of Time
Latham and Watkins: US Crypto Policy Tracker, Legislative Developments