Coinbase CEO Says Crypto Wins With or Without Clarity Act Passage

Coinbase CEO Brian Armstrong said U.S. crypto regulation could advance even if the CLARITY Act fails its next Senate test. He pointed to both congressional legislation and regulatory action from the Securities and Exchange Commission and Commodity Futures Trading Commission. The Senate will hold a procedural vote on Sept. 15 rather than a final passage vote.

Armstrong argued that either route could reduce uncertainty for crypto businesses operating in the United States. However, agency rules cannot fully replace legislation because regulators remain bound by powers Congress has already granted them. The CLARITY Act would create a broader statutory market-structure framework.

Crypto News: Armstrong Sees Two Paths to Crypto Clarity

Armstrong noted that the crypto industry could gain clearer rules even if senators block the Clarity Act. He pointed to planned crypto regulation from the Securities and Exchange Commission and Commodity Futures Trading Commission. Both agencies could define parts of the market through their existing authority.

The Coinbase CEO said a successful vote would give the industry a legislative framework. A failed vote could shift attention toward agency rules within days. Armstrong said the sector would get “regulatory clarity one way or another” around the September 15 vote.

The Clarity Act seeks to divide oversight of digital assets between the SEC and CFTC. The crypto regulation also sets rules for exchanges, brokers, digital commodities, and other market participants. Supporters want Congress to end years of disputes over which agency controls different parts of the crypto market.

Senate Vote Tests Support for the Clarity Act

The Senate will hold a cloture vote on September 15 to decide whether lawmakers can advance the legislation. The measure needs 60 votes to clear that procedural hurdle. A successful vote would allow debate and further Senate action, rather than send the bill directly to the president.

Crypto groups and banks have lobbied senators in their home states. They pressed competing views on market structure, stablecoins, safeguards, and financial competition.

The House passed the Clarity Act in July 2025. The Senate Banking Committee then advanced the legislation by a 15-9 vote in May 2026. Those steps moved the market-structure bill closer to a full Senate debate.

According to Polymarket data, the Clarity Act has a 17% chance of being signed into law in 2026, down 48%. The market has recorded about $14.55 million in trading volume.

Armstrong said lawmakers have reached broad compromises across hundreds of pages of negotiations. He also said several banks, crypto companies, and law enforcement groups support the legislation. However, there is continued opposition from some Democrats and Republicans over safeguards and banking concerns.

Crypto Regulations: Ethics Provisions Stay Under Negotiation

Ethical rules for elected officials continue to shape negotiations ahead of the Senate vote. Coinbase CEO Armstrong said lawmakers still need to settle details involving digital asset holdings and conflicts of interest. Democrats have sought stronger restrictions, including possible divestiture requirements.

White House has offered an ethics proposal, while Democratic lawmakers want additional measures. The Coinbase CEO described the two sides as close to an agreement. Senator Ruben Gallego has also linked stronger ethics provisions with the effort to secure 60 votes.

The debate also includes concerns from parts of the banking industry. JPMorgan CEO Jamie Dimon has criticized stablecoin provisions that could increase competition for bank deposits. Armstrong rejected that criticism and pointed to support from Goldman Sachs, BNY Mellon, and Fidelity.

Coinbase Expands Beyond Crypto Spot Trading

Armstrong also discussed Coinbase’s effort to diversify revenue as spot trading activity weakens. He said trading generates about half of the company’s revenue. Coinbase now operates across stocks, commodities, foreign exchange, stablecoins, and institutional custody.

Coinbase reported second-quarter revenue of $1.2 billion, down from $1.5 billion one year earlier. The company recorded a $359.5 million net loss after posting a $1.43 billion profit a year earlier. Coinbase also missed Wall Street estimates for revenue and earnings for a third straight quarter.

Armstrong said Coinbase continues to expand outside the United States, including in the United Arab Emirates and Singapore. He described Singapore as the company’s Asian hub. At the same time, the Clarity Act vote keeps U.S. regulation at the center of Coinbase’s policy focus.

The immediate question is whether senators can secure the 60 votes required for cloture. Failure would increase attention on SEC and CFTC action, while success would keep the legislative route alive. Either outcome could shape Coinbase’s regulatory environment, but congressional legislation would provide the more durable statutory framework.