Coinbase Chief Executive Officer Brian Armstrong urged the US Senate to move quickly on crypto legislation, warning that the US is falling behind other major economies that have already established rules for digital assets.
In an Aug. 21 post on X, Armstrong said most G20 countries have adopted or are developing crypto frameworks, leaving the US as an outlier. He called for federal rules to give the industry clearer guidance and preserve the country’s position in global finance.
US Faces Regulatory Pressure
Armstrong wants the Senate to pass the CLARITY Act by Sept. 15, with the bill needing 60 votes to advance. The House passed its version in July.
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The legislation would establish rules for digital assets and clarify the roles of the Securities and Exchange Commission and the Commodity Futures Trading Commission. If Congress stalls, CFTC Chairman Michael Selig has said the agency could use its existing authority to provide greater regulatory clarity.
CFTC Prepares as Congress Debates
Selig said CFTC staff could explore rules allowing crypto exchanges to operate under the agency’s oversight and examine legal options for blockchain-based finance.
President Donald Trump has also pushed lawmakers to advance the bill. After an Aug. 19 meeting with crypto executives, Trump said, “Now we need Congress to take the next step by passing the Clarity Act.”
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