Coinbase’s Role in CLARITY Act Defeat Under Scrutiny
- Brian Armstrong claims a forthcoming article will blame Coinbase for the CLARITY Act’s failure.
- The bill failed to pass a Senate cloture vote on Sept. 15, coinciding with Bitcoin ETFs losing $450 million.
- Armstrong argues that the SEC and CFTC can regulate crypto without new legislation.
- The initial draft of the bill was opposed by Armstrong due to issues with DeFi, tokenization, CFTC authority, and stablecoin rewards.
- Senators Angela Alsobrooks and Ruben Gallego supported the bill in committee but voted against it in the final cloture vote.
The defeat of the CLARITY Act has sparked a blame game, with Brian Armstrong preemptively defending Coinbase’s role amid accusations of bank lobby influence on media narratives.
Despite its failure, Armstrong suggests regulatory clarity is achievable through existing SEC and CFTC authorities, as evidenced by their readiness to act post-vote.(Source)
