Brian Armstrong said on Wednesday the CLARITY Act was at the "one-yard line."
• According to him, the CLARITY Act was ready for a full Senate floor vote after months of negotiations.
• Coinbase also pointed to a regulatory victory, noting that challenges to the SEC and FDIC resulted in the release of records and settlements in response to Freedom of Information Act requests.
The future of the crypto industry's biggest win in years could be decided within weeks, Coinbase (COIN) CEO Brian Armstrong said Wednesday, noting the Digital Asset Market Clarity Act (CLARITY Act), the bill that would finally give US crypto firms a clear rulebook to operate under, is ready for a full Senate floor vote and sitting at the "one yard line" of passage.
Armstrong argued the lack of a federal framework has allowed bad actors like FTX to hurt US customers and driven much of the industry overseas, citing that 70% of American voters believed that the US should have already passed comprehensive crypto legislation.
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He commended Stand With Crypto members, a Coinbase-backed advocacy group that mobilizes crypto holders to lobby lawmakers, for providing their representatives in Congress with 950,000 contacts and urged them to continue the pressure as the bill approaches a vote.
COIN stock closed down by over 5% on Wednesday, rising 0.8% in pre-market. On Stocktwits, the retail sentiment around COIN remained in the 'bullish' zone, while chatter around it stayed in the 'normal' levels over the past day.
The stock jumped more than 11% on Clarity Act momentum Tuesday after Treasury Secretary Scott Bessent told Fox Business, "I think we are on the 1-yard line on the CLARITY Act in the Senate," a line that Armstrong echoed Wednesday.
Armstrong's comments came on the same day that Coinbase Chief Legal Officer Paul Grewal outlined another regulatory win, saying the Securities and Exchange Commission (SEC) deleted a full year of former Chairman Gary Gensler's communications during what Grewal called the height of the agency's campaign against crypto.
The Federal Deposit Insurance Corporation (FDIC) also tried separately to secretly cut off an entire lawful industry from the banking system and buried evidence of that effort, Grewal said.
Coinbase sued both agencies under the Freedom of Information Act, won, and said the settlements were among the largest FOIA awards in each agency's history.