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Crypto wins regardless of Clarity Act vote, Coinbase's Armstrong says
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Coinbase CEO Brian Armstrong declared that the cryptocurrency industry is poised for a regulatory clarity win regardless of the upcoming U.S. Senate vote on the Digital Asset Market Clarity Act, scheduled for September 15. In a CNBC interview, Armstrong outlined a dual path to success: either the bill passes, providing direct legislation, or it fails, prompting federal regulators like the SEC and CFTC to proceed with their own rulemaking. This assertion frames the vote as a pivotal moment that will ultimately end the current regulatory ambiguity.
The proposed Clarity Act is a significant piece of bipartisan legislation designed to formally delineate oversight between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) for digital assets. By establishing a clear federal rulebook for crypto exchanges, brokers, and stablecoins, the bill aims to provide the legal framework that industry insiders believe is essential for accelerating institutional adoption. The legislation has garnered broad support from various sectors, including law enforcement, banks, and crypto companies.
Despite this support, a final point of contention remains: the ethics provisions governing elected officials' holdings of digital assets. Armstrong noted that while the White House has offered a strong provision, Democrats are seeking additional measures, including divestiture requirements. He expressed confidence that the two sides are "very close to a solution" on this negotiation.
Armstrong also addressed criticism from JPMorgan CEO Jamie Dimon, who has accused Coinbase of seeking regulatory arbitrage via the bill's stablecoin provisions. Without naming Dimon, Armstrong suggested such critics are "talking their own book" due to competitive threats to their payments businesses. He countered that major financial institutions like Goldman Sachs, BNY Mellon, and Fidelity have backed the legislation.
Looking beyond the immediate regulatory battle, Armstrong highlighted Coinbase's leading position in the emerging market of "agentic finance." He stated that over 90% of approximately 165 million agentic payments to date have been processed on Coinbase's Base blockchain using its x402 protocol and USDC stablecoin. This positions the company favorably for what Armstrong called the "big total addressable market" on the horizon.
Finally, Armstrong reiterated his bullish long-term forecast for Bitcoin, stating that a $400,000 price target by 2030 is "a reasonable target" and that "the bottom is in on Bitcoin in this most recent cycle." His comments suggest a strong conviction in the cryptocurrency's future growth trajectory alongside the industry's regulatory maturation.
