Coinbase CEO Says Congress Can't Wait Anymore as SEC and CFTC Drive Crypto Clarity

Coinbase CEO Brian Armstrong expressed disappointment over the failure of the Senate to advance the CLARITY Act, stating it was "disappointing" that the bill did not move forward. However, he stressed that Congress cannot wait any longer for legislative action.

Armstrong noted on X that while bipartisanship discussions could revive the legislation, the crypto industry must now rely on the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) to establish clear regulatory frameworks. He emphasized that both agencies already have the authority under existing law to create precise rules for digital assets.

"The SEC and CFTC have the tools they need within their current mandates to make clear rules," Armstrong said, adding he expects them to begin work on this immediately. "Regardless of what happens with Congress, regulatory clarity will come through these agencies," he stated.

On stablecoins, Armstrong referenced the already-passed GENIUS Act as more accommodating than the CLARITY Act in addressing stablecoin reserves. He also expressed regret over some concessions made by the crypto industry during CLARITY Act negotiations but acknowledged that "this outcome may be the best possible."

"Digital assets cannot be undone," Armstrong concluded, adding that Coinbase will continue to update the financial system while regulatory clarity is established through agencies.