Coinbase CEO Brian Armstrong expressed optimism that significant legislation aimed at advancing the cryptocurrency industry in the United States has a strong chance of being enacted. His comments come in the wake of a week marked by notable bipartisan support for a proposed market structure bill known as the Digital Asset Market Clarity Act. This legislation seeks to delineate the roles of regulatory bodies, including the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), in relation to non-stablecoins, such as tokenized stocks.
Following recent discussions with lawmakers, Armstrong remarked, “This is how we ensure the crypto industry can be built here in America, driving innovation and protecting consumers, and making sure we never have another Gary Gensler trying to take your rights.” His statements were made during a video posted online, where he highlighted the positive sentiment among Senate members across party lines regarding the passage of the bill. He also noted that the draft legislation is currently being circulated for public feedback from industry participants.
“I think this has a good chance of getting done; I’ve actually never been more bullish on the market structure bill getting passed, it’s a freight train leaving the station,” he asserted. Armstrong’s visit to Washington, D.C., underscored his commitment to ensuring that cryptocurrency can thrive under a clear regulatory framework.
Senator Cynthia Lummis, who has been vocal about supporting crypto legislation, recently predicted that the CLARITY Act could reach former President Donald Trump’s desk for signing by the year’s end. A range of crypto industry representatives, including leaders from Ripple, Kraken, Circle, and Cardano, participated in discussions that focused on the implications of the proposed bill.
Kraken’s CEO, Arjun Sethi, emphasized the necessity of prioritizing support for builders in the crypto space. He articulated the broader battle for maintaining the rights to create various crypto products, stating, “Thank you to everyone in DC fighting for crypto’s future. But the real fight is bigger: protecting the right to build protocols, chains, memes, tokenized equities, commodities, utilities, etc., and ensuring incentives stay with the builders, not just incumbents.”
In a related development, Armstrong indicated that lawmakers are unlikely to support measures proposed by banking groups to prohibit interest on stablecoins. These groups have previously warned that such yield-bearing instruments could pose a risk to the traditional banking model, which relies on attracting deposits through high-interest savings products. Armstrong noted that an earlier attempt to limit interest on stablecoins through the GENIUS Act was unsuccessful.
Lawmakers are also exploring the idea of a Strategic Bitcoin Reserve, meeting earlier this week with prominent leaders from the Bitcoin sector, including Strategy chairman Michael Saylor. Discussions centered on strategies to pass the Cynthia Lummis-sponsored BITCOIN Act, which aims for the U.S. government to acquire one million Bitcoin over a period of five years using budget-neutral methods.
Among the suggestions floated during these discussions were potential evaluations of the Treasury’s gold certificates and tariff revenues, illustrating a proactive approach to integrating cryptocurrency into the nation’s financial framework.
