Coinbase CEO: Bill May Have Follow-Up, Regulatory Clarity Still Coming, But No Need to Wait for Congress

Coinbase co-founder and CEO Brian Armstrong stated that the CLARITY Act's failure to advance in the Senate today is disappointing. While bipartisan dialogue may continue and the bill could still see follow-up, there is no longer room to wait for Congress. Armstrong noted that the SEC and CFTC already possess the tools to establish clear rules under their existing authority, and he expects them to seriously pursue this, with clear regulations in the crypto space still on the horizon. GENIUS is now existing law in the stablecoin sector and is more lenient regarding rewards. CLARITY involved some difficult concessions, and perhaps this outcome is for the better. He remarked that crypto cannot be invented and then canceled, and as regulators bring clarity, the financial system will continue to be updated.