Coinbase Vice Chair Ryan VanGrack told CNBC's Squawk Box on Tuesday that the Clarity Act has gained 'tremendous momentum' in the Senate, pointing to a bipartisan committee vote this spring and a new partnership with JPMorgan. The comments come as JPMorgan CEO Jamie Dimon openly declared war on the bill and aimed a crude insult at Coinbase CEO Brian Armstrong, setting up a high-stakes fight over the first comprehensive U.S. crypto rules.
Clarity Act gains steam in the Senate
VanGrack, a former SEC official, framed the bill as an overdue regulatory framework that would impose rules on crypto for the first time. The House passed its version last year. The Senate Banking Committee advanced the bill in a 15-9 vote this spring, with two Democrats crossing over. President Trump posted on Truth Social supporting Senator Lindsey Graham and calling for passage, framing the stakes as competition with China.
VanGrack noted that Democrats secured concessions, including an illicit-finance framework, closure of what he called the 'FTX loophole,' insider-trading safeguards, and added disclosures. The bill doesn't fundamentally change how crypto is classified as a commodity or security, preserving the House version's registration, examination, and surveillance structure.
JPMorgan's war on crypto rules
The same day VanGrack touted bipartisan support, JPMorgan CEO Jamie Dimon declared war on the Clarity Act and aimed a crude insult at Coinbase's CEO. That tension is notable because JPMorgan and Coinbase just announced a partnership to widen crypto access. JPMorgan has already moved to accept bitcoin as loan collateral and let clients trade it.
VanGrack called the partnership a sign of institutional momentum. He also cited Citadel Securities making another large investment in the crypto economy last week as evidence that big finance is moving in – even if Dimon personally opposes the bill.
Institutional momentum beyond Coinbase
VanGrack argued that blockchain benefits like faster settlement, more transparency, and round-the-clock trading are driving adoption. He pointed to Citadel's investment as a concrete example of traditional players building out crypto infrastructure. The combination of JPMorgan's partnership and Citadel's capital suggests the industry is attracting serious money, regardless of the regulatory fight in Washington.
Open questions remain
VanGrack acknowledged that the Clarity Act will settle some debates as 'a blunt instrument.' One unresolved question: whether crypto accounts should carry interest or loyalty rewards. That debate is likely to play out as the bill moves through the Senate. The timing isn't great for a legislative fight – Dimon's war rhetoric and a packed Senate calendar could slow things down. But VanGrack's CNBC appearance signals Coinbase is betting the bill passes this year.
