Coinbase CEO Brian Armstrong is turning up the pressure on the Senate ahead of a September 15 vote on the CLARITY Act, accusing 'entrenched incumbents' of lobbying against the bill to keep crypto companies out of US financial services. In a series of posts on X, Armstrong argued the legislation would protect consumers and give banks, law enforcement, and crypto firms a clear set of federal rules. The bill needs 60 votes to advance, and Republicans hold 53 seats, so at least seven Democrats or independents will have to cross the aisle.
The political backdrop
Armstrong framed the fight as a direct continuation of the 2024 election. He said the Trump administration came to power after millions of Americans felt disenfranchised by the previous administration's approach to crypto, and he recalled Trump's campaign promise to fire former SEC Chair Gary Gensler 'on day one.'
Since taking office, the administration has signed an executive order for clearer crypto rules, appointed Paul Atkins to lead the SEC and Mike Selig to chair the CFTC, and passed the GENIUS Act for stablecoins. The CLARITY Act is the next item on Armstrong's list.
Who's fighting it
Armstrong didn't mince words about the opposition. He said Senator Elizabeth Warren is among those actively working against the bill. The banking industry has its own concerns, particularly around stablecoin rewards. Traditional lenders argue that letting crypto companies offer interest on customer stablecoin holdings could pull deposits away from banks.
There are also unresolved disputes over ethics rules, anti-money laundering provisions, and whether crypto firms should be allowed to pay rewards on stablecoins at all. Those sticking points are part of why the bill's path to 60 votes is anything but certain.
What's in the bill
The CLARITY Act would establish federal rules for digital assets, including how tokens are classified and which agency — the SEC or the CFTC — gets jurisdiction over what. For crypto companies, that kind of clarity has been a long time coming. Armstrong had said on August 21 that regulatory clarity would arrive either through Congress or through action by the SEC and CFTC, pointing to September 15 and 16 as possible dates.
His message now is simple: the bill should pass because consumers and crypto firms need clearer rules, and established financial companies shouldn't be allowed to block competitors through lobbying. As he put it on X: 'It's time to get the Clarity Act, which will protect consumers, over the finish line. There's something in it for everyone: banks, law enforcement, crypto companies, and most importantly the American people.'
The Senate is set to vote on a motion to proceed on September 15. Whether Armstrong can round up the seven Democratic votes he needs — and whether the banking lobby's concerns get addressed before then — is the open question.
