Summary
- Brian Armstrong, CEO of Coinbase, is set to meet with Republican senators ahead of a key vote on the CLARITY Act.
- The bill reportedly includes stablecoin reward structures, protections for decentralized finance (DeFi) and federal regulatory standards for digital assets.
- Coinbase has softened its stance after proposed amendments, and Armstrong said the bill preserves the industry's core demands.
Forecast Trend Report by Period
Coinbase Chief Executive Officer Brian Armstrong plans to meet with Republican senators on May 14 ahead of a key vote on the CLARITY Act, a US bill to establish a market structure framework for digital assets.
Crypto-focused media outlet Odaily reported on May 12 that the meeting is scheduled a day before the Senate Banking Committee is expected to review and vote on the legislation on May 15.
The latest draft of the bill reportedly exceeds 300 pages. It includes provisions covering stablecoin reward structures, protections for decentralized finance, or DeFi, and federal regulatory standards for digital assets.
Coinbase had previously withdrawn its support for the bill, citing limits on stablecoin revenue and issues surrounding DeFi protections. The company's stance has reportedly softened somewhat after Senators Thom Tillis and Angela Alsobrooks moved to advance amendments.
Armstrong recently said the bill does not reflect everything the industry wanted, but preserves its core demands.
US banking industry groups are continuing to lobby for stricter stablecoin provisions. Some Democratic lawmakers are also seeking to add conflict-of-interest rules that would restrict government officials from participating in crypto businesses.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
