In a significant development for the crypto industry, Coinbase CEO Brian Armstrong expressed optimism about the forthcoming Digital Asset Market Clarity Act, which aims to establish a clearer regulatory framework for cryptocurrencies in the United States. Following a series of meetings with lawmakers, Armstrong highlighted the robust bipartisan support for the bill, stating it has “a good chance of getting done.”
The proposed legislation seeks to delineate the responsibilities of the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), and other regulatory bodies overseeing the crypto landscape. A particular focus of the bill is on non-stablecoin assets, including tokenized stocks.
Armstrong took to social media platform X, noting, “This is how we ensure the crypto industry can be built here in America, driving innovation and protecting consumers.” He emphasized the importance of safeguarding consumer rights against potential regulatory overreach, referencing past regulatory actions under SEC Chair Gary Gensler.
During his time in Washington, Armstrong met with several senators, both Democrats and Republicans, who expressed strong backing for the legislation. He remarked, “The Senate is strongly supportive of getting this done; the members I met with are ready to get this legislation passed.” The draft of the bill is currently undergoing revisions before it is presented to industry stakeholders for feedback.
Moreover, Senator Cynthia Lummis predicted that the legislation could reach the desk of former President Donald Trump for signature before the year’s end, further fueling expectations for its passage.
Executives from various notable crypto organizations attended these discussions, including representatives from Ripple, Kraken, Circle, and Cardano, as well as venture capital firms such as a16z and Paradigm. Their insights contributed to discussions on prioritizing support for developers within the market structure bill.
Arjun Sethi, CEO of Kraken, emphasized the need for the bill to focus on fostering an environment where crypto products and services can thrive. “The real fight is bigger: protecting the right to build protocols, chains, memes, tokenized equities, commodities, utilities, etc. and ensuring incentives stay with the builders, not just incumbents,” he asserted.
As discussions progress, Armstrong also addressed concerns from the banking sector regarding yield-bearing stablecoins. He indicated that lawmakers are aware of attempts by traditional banking entities to inhibit interest on these assets, which they argue could undermine their existing business models. This follows a previous attempt to restrict interest payments on stablecoins through the GENIUS Act, which ultimately failed.
In what appears to be a productive week on Capitol Hill, US lawmakers also convened with 18 Bitcoin leaders, including Michael Saylor, to deliberate on advancing the Strategic Bitcoin Reserve. This initiative aims for the US government to acquire one million Bitcoin over the coming five years, potentially financed through budget-neutral strategies that include the reassessment of Treasury gold certificates and tariff revenues.
As the crypto community awaits further developments, the push for clear regulatory frameworks and Bitcoin acquisition strategies signals a pivotal moment for the sector in the United States.
