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Coinbase executive says Senate Clarity Act has strong momentum
The bill would expand consumer protections, including an illicit-finance framework and closing an “FTX loophole,” according to Coinbase Vice Chair Ryan VanGrack.
Coinbase Vice Chair Ryan VanGrack said the Clarity Act for crypto regulation has built strong momentum in the Senate, arguing it would deliver long-awaited federal rules rather than further delay oversight. Speaking on CNBC’s “Squawk Box,” he framed the effort as imposing regulation on the industry for the first time.
VanGrack, a former SEC official, said a bipartisan group of senators has continued working on the measure, with Democrats securing changes he described as strengthening consumer protections. He pointed to an illicit-finance framework, insider-trading safeguards, additional disclosures, and language intended to close what he called an “FTX loophole.”
The House passed its version of the Clarity Act last year, and attention has shifted to the Senate, where the main hurdle remains reaching 60 votes. The Senate Banking Committee advanced the bill in a 15-9 vote this spring, with two Democrats crossing over.
The measure also faces timing pressure as House members urged Senate action before the August recess, while negotiators work through remaining terms. VanGrack said President Trump has added support in recent days, including a post on Truth Social backing Senator Lindsey Graham and urging passage.