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Coinbase CEO Brian Armstrong announced that the sweeping U.S. cryptocurrency regulation bill, the CLARITY Act, has entered the final stretch.
"Clear rules are almost here — we're on the one-yard line," the head of the US crypto exchange wrote, sharing photos from his meetings with lawmakers on Capitol Hill. Armstrong called the preparation of the bill a genuine bipartisan effort and firmly stated the industry's position: "It's time to get CLARITY done."
Behind the Coinbase chief's statement lies a severe time crunch: supporters of legalizing the crypto industry have only seven days left before the Senate leaves for its summer recess. At the same time, the 60 votes needed to overcome a procedural filibuster and guarantee the bill's passage have still not been secured.
Behind Armstrong's public appeals, intense political bargaining is taking place. According to sources, Senators Tillis and Gallego have just finalized a new compromise on ethics provisions that could unblock the stalled bill. The details of the agreement remain confidential, while the proposal would still need approval from the White House.
The bill already passed the Senate Banking Committee by a 15–9 vote on May 14. However, it has still not been brought to the Senate floor for a final vote. If lawmakers fail to reach an agreement within the remaining week, the process could be delayed until the fall.
SEC's Plan B
While Coinbase is relying on Congress, regulators are preparing alternative scenarios. New SEC Chair Paul Atkins has stated directly that if lawmakers fail to pass the CLARITY Act, his agency will begin introducing rules for the crypto market on its own, using its existing authority.
Atkins himself admits, however, that this path would be worse. A comprehensive law passed by Congress would create a durable foundation for crypto companies that would not be shaken every time power changes hands in the White House.
Whether Armstrong and the senators can cover the final yard toward regulatory clarity within a week will become clear in the coming days.
Dan Burgin
U.Today Editorial Team
