The CLARITY Act faces a September 15 Senate cloture vote and needs 60 votes, requiring Democratic support to advance. Grayscale points to the GENIUS Act, SEC proposals and CFTC initiatives as
Coinbase CEO Brian Armstrong and Grayscale Research Head Zach Pandl said U.S. crypto regulation could advance without the CLARITY Act. The bill faces a Senate cloture vote on September 15 and needs 60 votes to proceed. Armstrong expects clarity through legislation or agency rules, while Pandl cited progress across several crypto markets.
The CLARITY Act seeks to divide digital asset oversight between the Securities and Exchange Commission and Commodity Futures Trading Commission. Republicans hold 53 Senate seats, making Democratic support necessary to reach the 60-vote threshold.
Armstrong told CNBC’s Squawk Box Asia that the legislation appeared close to securing enough support. However, lawmakers continued negotiating ethics provisions and other outstanding issues.
The bill passed the House in July after its introduction in May 2025. According to Pandl, prediction markets assign a low probability to enactment during 2026.
Pandl said regulatory direction has improved beyond the CLARITY Act. He pointed to the GENIUS Act, which established a federal framework for payment stablecoins.
He also cited the SEC’s proposed Regulation Crypto Assets, which could create clearer routes for token fundraising. A potential innovation exemption could allow certain securities activities to move onto blockchains.
Meanwhile, proposed transfer-agent rules could let blockchains serve as official ownership records for issuers. The CFTC has also opened regulated U.S. pathways for perpetual futures through Kalshi and Coinbase.
Pandl said lawmakers could revisit CLARITY during the lame-duck session or under a future Congress. He added that the bill remains important for establishing lasting SEC and CFTC authority.
Armstrong said Coinbase’s spot trading activity has declined over the past year. Trading contributes about half of the company’s revenue, while other income comes from stablecoins and institutional custody.
The exchange has expanded into stocks, commodities, and foreign exchange. It also established hubs in the United Arab Emirates and Singapore. Coinbase reported $1.2 billion in second-quarter revenue, down from $1.5 billion a year earlier.
The company recorded a $359.5 million net loss, compared with a $1.43 billion profit. Armstrong attributed some financial pressure to weaker spot trading. Coinbase shares have declined nearly 23% this year.
