Coinbase CEO Brian Armstrong said crypto adoption continues despite the delayed CLARITY Act, pointing to growing stablecoin use, tokenization, and expanding digital asset markets.
Brian Armstrong Says Crypto Momentum Continues
Coinbase CEO Brian Armstrong said the Senate’s failure to advance the CLARITY Act this week was disappointing, while noting that progress across the crypto sector continues.
Armstrong said regulators are providing more clarity as companies expand stablecoin use and markets for perpetual futures and tokenized real-world assets continue to grow. He also said more consumers are using crypto despite the delayed congressional vote.
“The momentum behind this technology keeps growing with or without a congressional calendar,” Armstrong said.
Senate Majority Leader John Thune has committed to bringing the bill to the Senate floor when lawmakers return from recess. Thune said it would be “queued up first thing when we come back,” with consideration now expected in September.
CLARITY Act Includes Stablecoin and CFTC Rules
The CLARITY Act is designed to establish a federal framework for digital assets while dividing oversight between the Securities and Exchange Commission and the Commodity Futures Trading Commission.
The latest Senate draft includes a CFTC-led framework for digital commodities. The proposal would create registration categories for exchanges, brokers, dealers and advisers while also establishing rules for qualified digital asset custodians.
Stablecoins are another major part of the legislation. The draft addresses rewards linked to payment stablecoins and generally restricts interest or yield payments for simply holding those assets.
However, activity-based rewards connected to payments, remittances, liquidity provision, staking and loyalty programs could remain permitted when they are not structured like bank deposit interest.
The bill would also give banks and credit unions clearer authority to use digital assets and blockchain technology for activities they are already permitted to conduct.
Ethics Provision Remains a Senate Dispute
The White House and senators are negotiating the ethics language in the crypto market structure bill, the CLARITY Act, which seeks to clarify how digital assets will be regulated.
The revised legislation includes restrictions on public officials and their spouses issuing or sponsoring digital assets for compensation while serving in office. The proposal would also restrict intermediaries from listing tokens issued in violation of those rules.
Officials could continue holding digital assets as investments under existing disclosure requirements, while the proposed restrictions would expire in January 2029.
The ethics provisions remain part of the negotiations delaying Senate action. Democrats have sought additional safeguards, while discussions continue over language involving President Donald Trump’s crypto-related business interests.
Armstrong said Congress still has an important role in establishing federal market structure rules. He said clear legislation could support investment, innovation and employment while providing consumers with stronger protections.
For more updates on the U.S. crypto bill, follow our live coverage on CLARITY Act Live Updates
