In a recent post on X, Coinbase co-founder and CEO Brian Armstrong expressed optimism about the prospects for a crypto market structure bill to pass this year. He detailed his engagements with senators from both sides of the aisle, indicating that momentum for regulatory clarity in the cryptocurrency space is at an unprecedented level.
“DC may be shut down, but momentum for market structure clarity is at an all-time high,” Armstrong stated. He highlighted that he had productive discussions with both Senate Democrats and Republicans who are eager to see the legislation move forward. “We’re 90% there,” he noted, emphasizing the ongoing collaborative efforts to finalize the remaining aspects of the bill.
Armstrong projected that a bill could emerge from committee by Thanksgiving and potentially pass by year’s end. His optimistic tone mirrors broader discussions held among approximately a dozen leaders from the cryptocurrency industry, who convened with U.S. senators earlier this week to deliberate on the current crypto market structure bill under consideration in the Senate.
According to reports, these meetings, held separately with Democratic and Republican senators, were constructive and lasted over an hour each. Chainlink Labs co-founder Sergey Nazarov, who participated in the discussions, indicated that both parties recognize the economic significance of the cryptocurrency sector.
A spokesperson for New York Senator Chuck Schumer confirmed his attendance at one of the meetings. Meanwhile, Jeff Naft, a Republican spokesperson for the Senate Banking Committee, described the meetings as productive, emphasizing the importance of a bipartisan approach. Nazarov noted that while Republicans generally expressed support for the crypto industry, Democratic senators posed questions related to issues of illicit finance and decentralized finance, underscoring the need for a balanced and well-informed approach.
Despite the progress, reports indicate that the ongoing government shutdown is creating hurdles for the Clarity Act and other cryptocurrency-related regulatory initiatives. With the Senate largely preoccupied with shutdown matters, there are concerns about timing as the year comes to a close. The House had previously passed the Clarity Act in July, but its future in the Senate remains in flux.
There is a sense of urgency regarding Senate committees, which are under pressure to advance the Clarity Act before the year’s end. Observers note that the political landscape may change following the upcoming elections, potentially complicating the passage of any proposed legislation related to cryptocurrency markets.
