Coinbase CEO says Senate CLARITY Act markup could resume 'in a few weeks'

Coinbase CEO Brian Armstrong said in a CNBC interview at the US Capitol that the planned Senate Banking Committee markup of the CLARITY Act was postponed after he posted on X that Coinbase was withdrawing its support for the bill to establish digital asset market structure. Armstrong told CNBC that Coinbase was concerned that if the bill went into markup the only way to edit base text would be through amendments that had already been submitted, and that coming out of committee with those issues “would have been catastrophic for the average American consumer.” He added, “I think we’ve got a chance to do a new draft, and hopefully get into a markup in a few weeks.” Republican lawmakers had initially expected the CLARITY Act to be signed into law by 2026, but many industry leaders, banks and experts have raised concerns about provisions on decentralized finance, interest on payment stablecoins and how regulation would be delegated between the SEC and CFTC.

Cody Carbone, CEO of advocacy group The Digital Chamber, told Cointelegraph that “inaction is unacceptable” and urged negotiators to return to the table. Senator Tim Scott, chair of the Banking Committee, called the postponement a “brief pause” and said there were “good faith” bipartisan discussions.

Members of the Senate are scheduled for a state work period next week, likely pushing any potential markup to at least the end of January.

Key Topics

Crypto, Coinbase, Clarity Act, Brian Armstrong, Senate Banking Committee, Sec