Coinbase CEO Brian Armstrong anticipates that United States cryptocurrency regulation will progress by mid-September, pointing to potential outcomes that include a Senate vote or new rules issued by the Securities and Exchange Commission and the Commodity Futures Trading Commission.
Writing on social media following a White House meeting between President Donald Trump and crypto executives, Armstrong highlighted September 15 and September 16 as potential turning points. He stated that clarity could arrive via more than 60 Senate votes for the CLARITY Act on September 15, or through new rules from the CFTC and SEC the following day.
Two Paths to Clarity
Armstrong's comments followed statements from CFTC Chairman Mike Selig, who indicated that his agency is preparing an alternative regulatory framework if lawmakers remain deadlocked on the CLARITY Act. Selig noted that the CFTC would utilize its existing authorities to establish a market regime if Congress fails to pass the legislation.
Under the CFTC's potential alternative approach, registered firms and non-registered exchanges could apply for a new designation permitting leveraged and margin crypto trading under agency oversight. Selig also directed staff to work with on-chain finance protocol developers to facilitate legal product offerings in the US.
Senate Vote Challenges
Senate Majority Leader John Thune previously filed for cloture on the CLARITY Act ahead of the August recess, setting up the scheduled September 15 vote. However, the legislation requires 60 votes to pass. With Republicans holding 53 seats, the measure needs support from at least seven Democrats or independents.
Galaxy Research recently lowered its odds for the bill's passage this year from 50% to 30%, citing ongoing disputes regarding ethics provisions, illicit finance rules, and language from the Senate Agriculture Committee.
Armstrong credited the current administration for several recent developments, including the GENIUS Act, a strategic Bitcoin reserve, and a recent SEC proposal allowing crypto companies to raise up to $5 million over four years or $75 million within 12 months. He noted that the Senate vote remains crucial for making regulatory progress durable over the long term.
