Coinbase CEO: Incumbents Lobby Against CLARITY Act Before Senate Vote
Brian Armstrong says entrenched financial firms are fighting the CLARITY Act to block crypto competition as the bill approaches a September 15 Senate motion.
Coinbase CEO Brian Armstrong stated that entrenched incumbents are lobbying against the CLARITY Act to prevent crypto firms from competing in US financial services.
Armstrong linked the bill to Trump administration steps that include an executive order on crypto rules, the appointments of SEC Chair Paul Atkins and CFTC Chair Mike Selig, and passage of the GENIUS Act on stablecoins.
The CLARITY Act faces a September 15 Senate motion to proceed that requires 60 votes for cloture. Republicans hold 53 seats, so passage would need at least seven additional votes from Democrats or independents.
Armstrong singled out Senator Elizabeth Warren among opponents and said the legislation should protect consumers while enabling competition. Provisions on ethics rules, anti-money laundering, and stablecoin rewards remain unresolved.