After a week in Washington, DC, an announcement was made by Coinbase CEO Brian Armstrong that his optimism for the Digital Asset Market Clarity Act has never been greater.
A strong bipartisan show of support for the crypto market structure bill was witnessed by Coinbase CEO Brian Armstrong this week, leading him to state that critical legislation for crypto has a “good chance of getting done.”
The regulatory roles of the Securities and Exchange Commission, the Commodity Futures Trading Commission, and other financial agencies that oversee the crypto market are intended to be clarified by the Digital Asset Market Clarity Act, with a particular focus on non-stablecoins like tokenized stocks.
A statement was issued by Coinbase CEO Brian Armstrong after his discussions with lawmakers over the last few days: “This is how we ensure the crypto industry can be built here in America, driving innovation and protecting consumers, and making sure we never have another Gary Gensler trying to take your rights.”
In a video that was posted to X, Armstrong stated that the Senate “is strongly supportive of getting this done; the members I met with on both sides of the aisle are ready to get this legislation passed.” He noted that the draft bill is being sent back and forth before it is submitted to industry participants for public input.
“I think this has a good chance of getting done, I’ve actually never been more bullish on the market structure [bill] getting passed, it’s a freight train leaving the station.”
A prediction was made earlier this month by Senator Cynthia Lummis that the CLARITY Act would be sent to President Donald Trump for his signature prior to the close of the year.
It was reported that executives from Ripple, Kraken, Circle, and Cardano were in attendance, as were representatives from the tech-focused venture capital firms a16z, Paradigm, and Multicoin Capital.
Protecting Crypto Builders Is Top Priority, Says Kraken CEO
A statement was made by Kraken CEO Arjun Sethi that his contributions to the roundtable discussion were centered on how crypto products and services can be supported by the market structure bill, with the builders’ benefits as a priority.
“Thank you to everyone in DC fighting for crypto’s future. But the real fight is bigger: protecting the right to build protocols, chains, memes, tokenized equities, commodities, utilities, etc. and ensuring incentives stay with the builders, not just incumbents.”
It was also stated by Armstrong that the banking industry’s attempt to prohibit interest on stablecoins will not be permitted by lawmakers. This is because a warning was issued in mid-August by several banking groups that yield-bearing stablecoins could threaten the traditional banking model, which relies on attracting deposits with high-interest savings products to fund loans.
A prior attempt to prohibit interest on stablecoins was made by the banking groups in the GENIUS Act, but it was unsuccessful, as Armstrong noted.
Bitcoin Reserve Bill Gains Momentum
A productive week appears to have been experienced on Capitol Hill.
US lawmakers were also joined on Monday by 18 prominent Bitcoin leaders, including Strategy chairman Michael Saylor, to deliberate on how progress could be made by Congress on the Trump administration’s Strategic Bitcoin Reserve.
Ideas were proposed by Saylor and his colleagues on how the Cynthia Lummis-sponsored BITCOIN Act can be passed, and they aim for the US government to acquire one million Bitcoin in the next five years through budget-neutral strategies.
The revaluation of the Treasury’s gold certificates and tariff revenue are among the budget-neutral strategies that have been proposed to date.
