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Coinbase CEO says crypto gets clarity with or without Clarity Act passage

Brian Armstrong said regulatory rulemaking could still move forward if the Senate does not pass the bill by Sept. 15, while ethics rules for elected officials' digital holdings remain unresolved.

Reported · Written up by our desk · Regulation

CoinDesk reports Coinbase CEO Brian Armstrong told CNBC that the U.S. crypto industry is set to receive regulatory clarity either way around the Senate vote on the Digital Asset Market Clarity Act on Sept. 15.

Armstrong said if the bill passes, it would provide legislation, and if it does not, the SEC and the CFTC have signaled they are ready to publish rulemaking soon after the decision.

The Digital Asset Market Clarity Act would formally divide oversight between the SEC, for tokens deemed securities, and the CFTC, for decentralized commodities such as bitcoin, and it targets a federal framework for crypto exchanges, brokers, and stablecoins.

Armstrong also said the bill has broad bipartisan and industry support after negotiations over various issues, but he noted that ethics provisions for elected officials who hold digital assets are still being worked out, and he responded to criticism about stablecoin provisions.

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