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      Coinbase CEO Highlights Benefits of Clarity Act for Cryptocurrency Industry

      Brian Armstrong, CEO of Coinbase, expressed confidence that the cryptocurrency industry will achieve regulatory clarity regardless of the outcome of the upcoming U.S. Senate vote on the Clarity Act scheduled for September 15. In an interview with CNBC, he emphasized that even if the bill does not pass, the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) are prepared to issue rules that will provide necessary guidance to the industry.

      The Digital Asset Market Clarity Act aims to create a federal regulatory framework for cryptocurrency exchanges, brokers, and stablecoins by delineating regulatory authority between the SEC and CFTC. Armstrong noted that the bill has garnered significant bipartisan support, along with backing from law enforcement agencies, banks, and various cryptocurrency companies. He mentioned that key concerns raised by Coinbase have been addressed, with the primary remaining issue being ethical provisions regarding elected officials holding digital assets.

      The White House has proposed a plan that includes strong ethical clauses, while Democrats are advocating for additional measures, such as mandatory asset divestiture. Both parties are reportedly close to reaching a resolution on these matters. In response to criticism from JPMorgan CEO Jamie Dimon regarding potential regulatory arbitrage related to the bill's stablecoin provisions, Armstrong suggested that such critiques stem from competitive pressures faced by larger payment businesses. He also highlighted that major financial institutions like Goldman Sachs, Bank of New York Mellon, and Fidelity support the legislation.

      © 2026 KLEA News. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

      Source: KLEA News

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