On September 16, Coinbase CEO Brian Armstrong stated that it was disappointing that the CLARITY Act failed to advance in the Senate today. Bipartisan dialogue may still continue, and the bill may yet have another chance, but we can no longer simply wait for Congress. The SEC (U.S. Securities and Exchange Commission) and the CFTC (U.S. Commodity Futures Trading Commission) already possess sufficient tools to establish clear rules under their existing authorities, and I expect them to take serious action. Therefore, regardless of congressional action, regulatory clarity for the crypto industry will arrive. Of course, the GENIUS Act regarding stablecoins is already law, offering even more leniency toward reward mechanisms. We made some difficult concessions on the CLARITY Act, so this current outcome may actually be beneficial. Crypto cannot be "un-invented." As regulators gradually clarify the rules, we will continue to drive the modernization of the financial system.
Coinbase CEO: Disappointment over the stalled CLARITY Act; expects SEC and CFTC to step in to clarify crypto regulation
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