Faryar Shirzad, Coinbase's chief policy officer, said the Crypto Clarity Act is 'extraordinarily bipartisan' and ready for final action. He predicted a vote could come as early as Monday. The bill would establish definitive crypto regulation in the U.S., a milestone the industry has been chasing for years.
What the bill does
The latest draft of the Clarity Act includes a notable provision: it bans federal officials and their immediate families from issuing or promoting any cryptocurrency. That's a direct response to ethics concerns that have dogged some lawmakers. The bill aims to create a clear federal framework for digital assets, replacing the patchwork of state rules and SEC enforcement actions that currently define the landscape.
Democratic holdouts
Not everyone is on board. Some Democrats remain dissatisfied with the current form of the bill. They haven't publicly detailed all their objections, but the discontent suggests the final vote count isn't locked in. Shirzad's optimism about bipartisanship may be tested on the floor.
Banking lobby pushback
Banking lobbyists have raised a different kind of concern. They worry that attractive yields on crypto exchanges could pull deposits away from traditional banks, eroding their funding base. It's a familiar argument — banks have long viewed crypto platforms as competitors for customer cash.
Shirzad's response
Shirzad dismissed those worries. He pointed out that major banks like JPMorgan and Bank of America are already adopting crypto and stablecoin technology themselves. If the biggest names in traditional finance are moving into the space, he argued, the industry isn't about to lose its deposit base — it's evolving. The vote is expected next week. Whether the holdouts and lobbyists can slow it down remains the open question.
