Coinbase CEO Brian Armstrong is advocating for the passage of the CLARITY Act, arguing that the digital asset market structure bill will protect everyday consumers while guarding the industry against government overreach. Armstrong made these comments during an August 20, 2026, CBS News interview, shortly after attending a White House crypto summit with President Trump.
The Senate is scheduled to hold a critical cloture vote on the legislation on September 15. Senate Majority Leader John Thune filed cloture on August 8, setting up the procedural vote, which requires 60 votes to clear debate. With Republicans holding 53 seats, the bill needs support from at least seven Democrats. Armstrong stated during a CNBC interview that discussions are in the final stage and expressed expectation that the bill will secure more than 60 votes.
The House of Representatives previously passed the CLARITY Act in July 2025 by a 294-134 vote, and the Senate Banking Committee advanced its version in May 2026 by a 15-9 vote. Momentum for the push was further bolstered by an August 19 White House crypto summit, where President Trump called on Congress to pass a fair version of the bill alongside crypto industry leaders including Armstrong, Robinhood's Vlad Tenev, and Kraken's Arjun Sethi.
In his interview, Armstrong pointed to the 2022 FTX collapse as a consequence of weak consumer safeguards and argued that the CLARITY Act would prevent similar incidents by establishing legal guardrails for crypto platforms. He also noted that clear statutory rules would make it harder for hostile regulators or future administrations to unwind the framework.
The legislation proposes splitting jurisdiction between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), with most digital assets classified as commodities under CFTC oversight. It would also introduce anti-money laundering (AML) rules, consumer protections, and capital formation tools.
Despite bipartisan backing in the House, the bill faces hurdles in the Senate. Some Democrats are pushing for stronger ethics provisions to prevent federal officials from profiting on crypto, while rural Republicans have raised concerns that stablecoin yield rules could pull deposits away from community banks. Due to these unresolved issues, prediction markets such as Polymarket priced the bill's full passage by the end of 2026 at 25%, while Galaxy Research slashed its odds to 10% due to persistent Senate gridlock. Senator Tim Scott has previously warned that obstruction risks driving crypto businesses offshore.
If the Senate stalls, Armstrong noted a fallback plan. CFTC Chair Mike Selig stated that his agency will advance its own crypto market rules under existing authorities starting September 16, ensuring regulatory clarity regardless of the CLARITY Act's legislative fate.
