Coinbase CEO Brian Armstrong says the U.S. crypto industry will receive federal regulatory clarity whether or not the Senate advances the CLARITY Act in a cloture vote scheduled for September 15.
Speaking on CNBC's Squawk Box Asia, Armstrong described the week as a two-track scenario. If the cloture vote succeeds, durable legislation arrives. If it fails, the SEC and CFTC are prepared to publish rulemaking, meaning regulatory clarity arrives either way.
Two Paths to the Same Outcome
Armstrong told CNBC that the Senate vote is not a binary pass-or-fail moment. "If it passes, great, we've got legislation," he said. "Frankly, if it doesn't pass, it's also going to be a good outcome because the SEC and the CFTC have said that they're ready to publish rulemaking."
He added that regulatory clarity will arrive "one way or another on the 15th or the day or two after."
The September 15 cloture vote requires 60 votes to advance. Republicans hold 53 Senate seats, meaning at least seven Democrats must support the motion to proceed.
What the Bill Would Do
The Digital Asset Market Clarity Act would divide oversight between the SEC and CFTC. The SEC would regulate tokens treated as securities, while the CFTC would govern decentralized digital commodities such as Bitcoin.
The House passed the bill 294-134 in July 2025. The Senate Banking Committee advanced a version 15-9 in May 2026.
Armstrong called passage a "regulatory checkpoint" that could help unlock institutional capital and products such as tokenized equities in the U.S.
Remaining Negotiations
The last open item in negotiations involves ethics rules for elected officials holding digital assets. The White House has offered an ethics package, but Democrats want additional provisions, including possible divestiture requirements. Armstrong said both sides appear close to resolution.
Three Senate disputes remain: ethics rules, DeFi regulations, and stablecoin rewards policies.
The Rulemaking Alternative
If Congress does not pass legislation, agency rulemaking remains available. CFTC Chair Mike Selig confirmed that the CFTC will use existing authority if Congress stalls.
Agency rules can arrive faster than legislation but are easier for a future administration to reverse than a statute. This distinction explains why prediction markets have kept odds on a signed law well below the odds of a Senate vote occurring.
September 15 also coincides with the Federal Reserve's policy meeting on September 15 and 16, creating a policy double-header for crypto markets within a 48-hour window.
