Daily News 19

Tag: Ethics provisions

  • Crypto Wins Regardless of Clarity Act Vote, Coinbase’s Armstrong Says

    Crypto Wins Regardless of Clarity Act Vote, Coinbase’s Armstrong Says

    Coinbase CEO Highlights Bipartisan Progress on Crypto Legislation, Flags Ethics Negotiations

    Coinbase CEO Brian Armstrong said significant bipartisan progress has been made on comprehensive cryptocurrency legislation, though key ethics provisions for elected officials remain under negotiation.

    Broad Coalition Backs Measure

    Armstrong described the legislative process as collaborative, noting extensive input from stakeholders across the political spectrum and industry.

    “There’s been a lot of good bipartisan compromise, hundreds of pages of input from both sides,” he said, adding that law enforcement groups, banks and crypto companies are behind it.

    He confirmed that the “must-have issues” Coinbase had previously raised “have now been resolved.”

    Ethics Provisions for Officials Still Unresolved

    One outstanding issue involves ethics rules for elected officials who hold digital assets. When asked whether the legislation adequately addresses potential conflicts of interest, Armstrong indicated negotiations are ongoing.

    “the details are still being worked out and negotiated.”

    He outlined the current positions:

    the White House has “already put out an offer on the table that has a very strong ethics provision,” while Democrats “have requested something a little bit beyond that, which would include divestiture.”

    Despite the gap, Armstrong expressed optimism that a resolution is near.

    “appear to be very close to a solution.”

    Armstrong Pushes Back on Regulatory Arbitrage Claims

    Responding to criticism from JPMorgan Chase CEO Jamie Dimon — who has accused Coinbase of leveraging the bill’s stablecoin provisions for regulatory arbitrage against traditional banks — Armstrong did not name Dimon directly but characterized the opposition as self-interested.

    critics with large payments businesses face a “competitive issue” and are “talking their own book.”

    Armstrong countered that major financial institutions support the legislation, citing Goldman Sachs, BNY Mellon and Fidelity as backers.

    Agentic Finance Identified as Next Growth Frontier

    Looking beyond current legislative fights, Armstrong pointed to agentic finance as an emerging area with significant potential.

    “still early, but that’s the big TAM that’s on the horizon.”

  • Clarity Act Faces Setback: Key Details on Stalled US Cryptocurrency Legislation

    Clarity Act Faces Setback: Key Details on Stalled US Cryptocurrency Legislation

    CLARITY Act Faces Critical Senate Vote Hurdle as Republican Senators Warn of Potential Failure

    The CLARITY Act, legislation designed to establish a comprehensive regulatory framework for the cryptocurrency market in the United States, encounters a significant obstacle ahead of a pivotal Senate procedural vote expected on September 15. Two Republican senators have signaled that the bill may not pass in its current form, raising the prospect of a substantial delay for federal crypto regulation.

    Republican Senators Express Doubts on Bill’s Viability

    Speaking to Semafor, Senator Mike Rounds (R-SD) indicated that the current state of the CLARITY Act “does not look positive for its future.” His colleague, Senator Thom Tillis (R-NC), issued a more explicit warning, stating that the legislation’s fate hinges entirely on negotiations with the White House. Tillis cautioned that if the administration does not act to resolve disputes over ethics provisions, “the CLARITY Act will fail.” This marks the first time a Republican lawmaker has publicly assessed the bill as likely to fail in next week’s proceedings.

    Ethics Provisions Emerges as Key Sticking Point

    The primary friction point centers on ethics regulations covering the president and his family—a core demand from Democratic lawmakers. Two Democratic officials informed Semafor that minimal progress has been made on this front. Democrats are insisting that specific ethics clauses addressing cryptocurrency holdings and activities for the president and his family be incorporated into the Act.

    White House Maintains Support Amid Impasse

    Despite the mounting skepticism on Capitol Hill, the White House maintains its commitment to the legislation. A spokesperson affirmed that President Donald Trump is “committed to seeing the law pass through Congress” and emphasized that the United States “must protect its competitiveness in the digital asset space.”

    September 15 Procedural Vote Requires 60-Vote Threshold

    The Senate is scheduled to hold a critical procedural vote on the CLARITY Act next week. To advance past this initial stage, the bill must secure at least 60 votes. A failure to reach this threshold would significantly delay the effort to create comprehensive federal oversight for the digital asset industry, making the upcoming vote a decisive moment for the future trajectory of U.S. crypto regulation.

    This article does not constitute investment advice.