Coinbase CEO Says Congress Can’t Wait as SEC, CFTC Set to Clarify Crypto Rules

Coinbase Chief Executive Officer Brian Armstrong expressed disappointment after the CLARITY Act failed to advance in the U.S. Senate, but said regulatory clarity for digital assets will still emerge through the Securities and Exchange Commission and the Commodity Futures Trading Commission.

In a post on X on September 15, Armstrong wrote that it was disappointing the CLARITY Act did not move forward in the Senate that day. Bipartisan talks are continuing and the bill could still be revived, he wrote, but added that the industry can no longer wait for Congress.

Armstrong said the SEC and CFTC already have the tools they need under existing authority to create clear rules for digital assets. He expects the agencies to begin that work in earnest.

Either way, the crypto market will get regulatory clarity, Armstrong said, adding that efforts to build out the framework will continue through regulators even if Congress does not pass legislation.

On stablecoins, Armstrong pointed to the GENIUS Act, which has already been enacted. He said the law is more permissive than the CLARITY Act on stablecoin rewards.

Armstrong also expressed dissatisfaction with some concessions the crypto industry accepted during negotiations over the CLARITY Act. “We made some concessions in the CLARITY Act that were difficult to accept,” he wrote. “Maybe this outcome is for the best.”

He added that crypto cannot be turned back. As clarity takes shape through regulators, the industry will continue updating the financial system.