Key Takeaways
- Brian Armstrong says one in four Americans now own cryptocurrency.
- The CLARITY Act would expand federal crypto oversight and banking rules.
- More than 3 million advocates will track senators’ CLARITY votes.
Brian Armstrong Presses Senate Ahead of CLARITY Vote
Crypto exchange Coinbase (Nasdaq: COIN) CEO Brian Armstrong intensified his campaign on Aug. 3, urging senators to approve federal crypto market structure legislation this week.
The Coinbase executive described the CLARITY Act as the result of extensive bipartisan negotiations and argued that it would support American jobs, tax revenue, and innovation.
Armstrong wrote:
“The CLARITY act represents a ton of bi-partisan work to finally establish clear rules for crypto in America, which 70% of Americans say we should already have.”
He presented the vote as a choice between bringing digital assets under American supervision and allowing more activity to move offshore. The proposal would bring more crypto businesses under U.S. oversight while expanding consumer protections, law enforcement authority, and banking opportunities.
Earlier in the legislative campaign, Armstrong described the CLARITY Act as being at the “one-yard line” after years of negotiations among lawmakers, regulators, and industry participants.
Updated CLARITY Act Expands Federal Crypto Framework
U.S. Senator Cynthia Lummis (R-WY) released updated CLARITY Act text on July 22, combining work produced by the Senate Banking and Agriculture committees. She described the legislation as an opportunity to establish a lasting federal framework for digital assets.
The 616-page proposal establishes regulatory responsibilities for the U.S. Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC). It also creates registration standards for exchanges, brokers, dealers, custodians, and other intermediaries, alongside customer protection, disclosure, and market oversight requirements.
Banking provisions would authorize regulated institutions to conduct specified digital asset activities while addressing portfolio margining, capital treatment, and payment stablecoin balances. Additional sections address cybersecurity, illicit finance, bankruptcy protections, developer protections, digital asset kiosks, enforcement training, and international coordination.
“The bill even contains many pages of new authorities for banks to integrate stablecoins and crypto and grow their business, which we strongly support,” Armstrong said, noting:
“This is about America getting back to winning, and remaining strong as a financial and technology hub, to create economic growth, jobs, and tax revenue.”
“This week we get to see who in the Senate represents the will of the people, and will step up to vote YES on this common sense legislation,” the Coinbase boss further shared.
Support for the Bill Extends Beyond Coinbase
Support for the legislation has expanded beyond Coinbase as SEC Chair Paul Atkins endorsed congressional action and offered the agency’s technical assistance during the legislative process. He described legislation as the most durable approach for regulating evolving digital asset markets.
Stand With Crypto has turned the Senate debate into a measurable political campaign, reporting 950,000 constituent contacts with lawmakers and pledging to score every CLARITY vote for more than 3 million advocates. The scorecard will create a public record of each senator’s position.
“1 in 4 Americans hold crypto – and passing CLARITY is a priority for them. American voters are 2x more likely to support a candidate that backs CLARITY (vs those less likely), regardless of party preference. So the stakes are high for Senate leadership,” Armstrong argued, emphasizing:
“CLARITY isn’t only a win for crypto users. It’s a win for the future of America as a global leader for finance, innovation, and national security. It delivers on all fronts, and voters know it. Senators should too.”
