Coinbase Chief Policy Officer Faryar Shirzad declared this week that cryptocurrency is 'maybe the most bipartisan issue in Washington,' as the Clarity Act — a bill aimed at establishing a federal digital asset regulatory framework — moves closer to a vote.
Speaking to reporters, Shirzad said younger Democrats understand the legislation and should support it, while older Democrats are holding it back. The bill, which has been in the works for months, would set clear rules for digital assets in the United States if approved.
The bipartisan pitch
Shirzad pointed to the roughly 47 million Americans who own crypto as a key reason lawmakers on both sides of the aisle are paying attention. He described the Clarity Act as 'extraordinarily bipartisan' in earlier remarks.
The latest draft includes a provision that bans officials and their families from issuing or promoting cryptocurrencies — a nod to ethics concerns that have dogged some members of Congress. Still, some Democrats remain unhappy with the current form of the bill, though Shirzad did not specify their exact objections.
Banking chiefs push back
Not everyone is on board. Banking industry leaders have raised concerns about stablecoin yields and the ethics of allowing crypto exchanges to offer attractive interest rates. Lobbyists for the banking sector argue that if exchanges can offer high yields on stablecoins, banks could lose their deposit base — a threat to the traditional lending model.
The tension between crypto platforms and banks is not new, but the Clarity Act could tip the balance. If it passes, the bill would give the U.S. a unified regulatory structure for digital assets, something the industry has long sought.
What happens next
The Clarity Act still needs to clear both chambers of Congress. Shirzad's comments suggest the lobbying push is intensifying, with Coinbase leaning into the bipartisan narrative to win over fence-sitters. The timing isn't great — the midterms are approaching, and crypto regulation has become a wedge issue in some primaries.
For now, the bill's fate rests on whether its sponsors can hold together a coalition of younger Democrats and Republicans while addressing the lingering concerns of the party's older wing. A vote could come as early as this fall.
