Coinbase CEO Backs CLARITY Act as Senate Markup Nears Thursday

• Brian Armstrong said the CLARITY Act is in its strongest position before Thursday’s markup.
• Armstrong thanked Senate staff and 3.7 million Stand With Crypto advocates for supporting the bill.
• Armstrong said DeFi, tokenized equities, and CFTC authority concerns have improved in the latest draft.

Coinbase CEO Brian Armstrong said the CLARITY Act is “closer than ever” as lawmakers prepare for a Senate Banking Committee markup on Thursday. His latest remarks mark a clear shift from January, when Coinbase opposed an earlier draft over stablecoin rewards and other market structure concerns.

Armstrong said the bill is now stronger, more bipartisan, and ready for markup after months of talks between lawmakers, banks, crypto firms, and Senate staff. He also thanked the Senate, its staff, and 3.7 million Stand With Crypto advocates for helping move the legislation forward.

Armstrong Backs Thursday Markup

Armstrong said the CLARITY Act would benefit Americans by making the U.S. financial system faster, cheaper, and more accessible. He also said the bill could help the United States lead the global race to build the next generation of financial infrastructure.

In a public post, he wrote, “CLARITY is closer than ever,” before adding, “Mark it up.” The message came as the Senate Banking Committee prepared to review the bill during its May 14 markup session.

Notably, Armstrong said the bill is now in a stronger position than earlier drafts. He said concerns he raised in January around DeFi, tokenized equities, and CFTC authority have been improved or fixed from Coinbase’s point of view.

Stablecoin Rewards Deal Moves Ahead

Stablecoin rewards had been one of the biggest disputes in the bill. Armstrong said lawmakers reached a compromise brokered by Senators Thom Tillis and Angela Alsobrooks, after banks pushed back against rewards that looked like interest on idle balances.

In the latest structure, rewards cannot be paid simply for holding stablecoins. However, activity-based incentives can apply when users complete actions such as payments or trades, according to reports on the Senate bill. 

Armstrong said the compromise left both sides “a little bit unhappy,” which he framed as a sign that negotiators found a middle ground. He credited Tillis, Alsobrooks, and their staff for bringing banks and crypto firms closer to an acceptable position.

Meanwhile, banking groups remain concerned that the final text may still allow rewards programs that resemble yield. Even so, Coinbase has moved from opposition to support as the bill heads into Thursday’s committee process.

Coinbase Sees Bank Onboarding Opportunity

Armstrong also said more banks are moving toward crypto integration. In a Fox Business interview, he said many bank CEOs view stablecoins and tokenized assets as a chance to grow their businesses, rather than only as competition. 

He said Coinbase wants to work with banks as partners after years of industry tension. His comments placed the CLARITY Act as a possible bridge between crypto platforms and traditional finance, especially if the bill gives firms clearer legal boundaries.

Armstrong also linked the legislation to Coinbase’s broader “everything exchange” plan. He said the company is building toward a platform where users can trade crypto, stocks, prediction markets, commodities, foreign exchange, and derivatives.

The CEO said Coinbase’s newer business lines are already gaining traction, even as spot crypto trading volumes remain harder to control. He cited derivatives and prediction markets as growing revenue areas while noting that broader market conditions still affect quarterly trading activity.

Ethics Issue Remains Outside Coinbase Push

Armstrong also addressed the conflict-of-interest debate tied to top government officials and their families. He said Coinbase is trying to stay out of that issue, while lawmakers and the White House work toward a solution.

The topic remains important for the bill’s Senate path, as some Democrats have pushed for ethics language before supporting wider crypto market structure rules. Armstrong said he hopes the matter gets resolved so the bill can reach the full Senate and, eventually, the president’s desk.

The Senate Banking markup does not equal final passage. If the committee advances the bill, it still needs broader Senate support and coordination with Senate Agriculture, which already marked up its related portion earlier this year.

For now, Armstrong’s message gives the crypto industry a clear signal before Thursday’s vote. Coinbase now supports the markup, stablecoin reward language has moved into compromise territory, and market structure talks have reached their most advanced Senate stage this year.

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