Coinbase CEO Brian Armstrong has reversed course and publicly endorsed the Digital Asset Market Clarity (CLARITY) Act, throwing renewed industry support behind a bill that has been stalled in the Senate for months.
In a post on X, Armstrong said, “It’s time to pass the Clarity Act,” backing a recent call by U.S. Treasury Secretary Scott Bessent — who urged Congress in a Wall Street Journal op‑ed to move market‑structure legislation for crypto forward. Coinbase’s renewed support is notable: in January Armstrong said the company could not back the bill “as written,” a stance that helped contribute to delays in Senate Banking Committee action.
The change follows months of behind‑the‑scenes negotiations between lawmakers and industry players. Coinbase Chief Legal Officer Paul Grewal added last week that legislators were “very close to a deal,” signaling continued, quiet progress even as no Banking Committee markup has been scheduled. The Senate Agriculture Committee approved its portion of the bill in January, but the Banking Committee still must resolve provisions tied to securities and commodities oversight — and lawmakers have spent months squabbling over ethics rules, tokenized equities, stablecoin yield, and other technical issues.
Armstrong’s shift suggests the latest draft addresses some of Coinbase’s earlier concerns about wording and regulatory scope. Industry engagement in Washington has intensified: Coinbase and Ripple executives have both participated in policy talks, and Armstrong reportedly met with President Donald Trump before the president publicly called for action on market‑structure legislation.
The timing also coincides with regulatory progress for several crypto firms: the Office of the Comptroller of the Currency recently approved Coinbase’s application for a national bank trust charter, following similar approvals in December for Paxos, Ripple Labs, BitGo, Circle, and Fidelity Digital Assets.
What happens next is procedural but pivotal: the Banking Committee must still take up the CLARITY Act and resolve remaining jurisdictional and technical disputes before a full Senate vote. With a major exchange now publicly on board, supporters say momentum could build — but several substantive hurdles remain before the bill becomes law.
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