Coinbase CEO Says a 'No' on CLARITY Lets Other Countries 'Lead'
Coinbase (NASDAQ: COIN ) CEO Brian Armstrong posted Tuesday that senators face a simple choice on the CLARITY Act: vote yes and lead, or vote no and hand the future of finance to other countries. What Armstrong and Coinbase Are Saying Armstrong said that a yes vote promotes innovation, protects consumers, adds ethics restrictions on elected officials, and creates new law enforcement tools. A no vote, he warned, lets other countries build the future of finance instead. “History and the crypto voter won’t forget,” he added. Coinbase Chief Policy Officer Faryar Shirzad backed that up, posting that the final CLARITY Act text addresses all seven pillars Senate Democrats themselves identified a year ago as requirements for serious market structure legislation, plus 126 additional substantive changes Democrats requested. “Democratic negotiators played a major role in getting it here,” Shirzad wrote. “They should vote for it.” Why the Vote Looks Likely to Fail CoinDesk reported Tuesday that the bill has not locked down enough votes heading into the 2:15 p.m. cloture vote, with both sides expressing frustration. Sen. Cynthia Lummis (R-Wyo.) said Democrats’ counterproposal “looks identical t
Coinbase (NASDAQ: COIN ) CEO Brian Armstrong posted Tuesday that senators face a simple choice on the CLARITY Act: vote yes and lead, or vote no and hand the future of finance to other countries. What Armstrong and Coinbase Are Saying Armstrong said that a yes vote promotes innovation, protects consumers, adds ethics restrictions on elected officials, and creates new law enforcement tools. A no vote, he warned, lets other countries build the future of finance instead. “History and the crypto voter won’t forget,” he added.
Coinbase Chief Policy Officer Faryar Shirzad backed that up, posting that the final CLARITY Act text addresses all seven pillars Senate Democrats themselves identified a year ago as requirements for serious market structure legislation, plus 126 additional substantive changes Democrats requested. “Democratic negotiators played a major role in getting it here,” Shirzad wrote. m. cloture vote, with both sides expressing frustration.
Sen. ” Sen. ” TD Cowen policy analyst Jaret Seiberg put the odds of the opening vote failing at 60%, with crypto-friendly Democrats joining Republicans who oppose the bill over stablecoin yield concerns. Beacon Policy Advisors called the pathway to passage “narrow” barring significant last-minute changes.
What Happens If the Bill Fails CoinDesk noted that White House crypto adviser Patrick Witt said at an industry event Monday that the SEC and CFTC both have “robust” regulatory agendas ready regardless of the vote outcome. “There’s still good news coming for the industry,” he said. However, SEC Chair Paul Atkins has acknowledged that agency rules need legislative backing to be permanent, and the CFTC still has a gap in its authority to regulate crypto commodity spot markets directly. A failed vote today likely ends the CLARITY Act in this congressional session.
With Democrats potentially retaking the House in November, the leading crypto super PAC Fairshake still has not finalized how it will deploy more than $100 million in campaign cash ahead of the midterms. Read Also: Democrats Reject GOP's 'Final' Offer as Bessent Says CLARITY Act Fights 'Evasion' Photo via Shutterstock