Coinbase CEO: The bill may have follow-ups, regulatory clarity will still come, but there is no need to wait for Congress

Coinbase co-founder and CEO Brian Armstrong stated that the CLARITY Act did not advance in the Senate today, which is disappointing. Although bipartisan dialogue may continue and the bill still has potential for follow-up, we can no longer wait for Congress.

Armstrong indicated that the SEC and CFTC already have the tools to establish clear rules under their existing authority and are expected to seriously move forward; clear rules in the crypto space will still come. GENIUS is already the current law in the stablecoin sector, with more lenient rewards. CLARITY made some concessions that were difficult to accept, and perhaps this is better.

He stated that crypto cannot be canceled once it has been invented, and as regulators bring clear rules, the financial system will continue to be updated.