Coinbase’s Armstrong Says Crypto Wins Regardless of CLARITY Act Vote

Coinbase CEO Brian Armstrong said the crypto industry is likely to receive greater regulatory clarity regardless of how the Senate votes on the CLARITY Act on Sept. 15.

Speaking to CNBC on Wednesday, Armstrong said passage of the bill would provide formal legislation, but even a failure to pass would not necessarily be negative for the industry. He noted that the SEC and CFTC have indicated they are prepared to move forward with their own rulemaking, meaning clearer regulations could emerge either on Sept. 15 or within the following few days.

The Digital Asset Market Clarity Act is designed to resolve long-standing uncertainty over U.S. crypto regulation by defining the respective responsibilities of the Securities and Exchange Commission and the Commodity Futures Trading Commission. Under the proposed framework, securities-related tokens would fall under SEC oversight, while decentralized commodities such as bitcoin would come under the CFTC.

The legislation would also establish federal rules covering crypto exchanges, brokers and stablecoins. Industry participants expect greater regulatory certainty to encourage more institutional investment in digital assets.

Armstrong said the bill enters the Senate vote with significant bipartisan backing after extensive negotiations and input from both parties. He said law enforcement organizations, banks and crypto companies support the legislation, while Coinbase’s previously identified “must-have issues” have been addressed.

Ethics rules remain under negotiation

One area that remains unresolved involves provisions governing elected officials who hold digital assets.

When asked whether the bill sufficiently addresses potential conflicts of interest, Armstrong said negotiations over the details were still underway. He said the White House had already proposed strong ethics provisions, while Democrats were seeking additional requirements that could include divestiture.

Armstrong indicated that the two sides appeared to be close to reaching an agreement.

Armstrong pushes back on bank criticism

Armstrong also addressed criticism from JPMorgan CEO Jamie Dimon, who has argued that Coinbase could use the CLARITY Act’s stablecoin provisions to gain a regulatory advantage over traditional banks.

Without directly naming Dimon, Armstrong suggested that some critics were motivated by competition, saying companies with major payments businesses could be “talking their own book.” He pointed to Goldman Sachs, BNY Mellon and Fidelity as financial institutions that have supported the legislation.

Agentic finance emerges as major opportunity

Beyond regulation, Armstrong identified agentic finance as a potentially significant future growth market. He described the sector as being in its early stages but said it represents a major total addressable market, or TAM, for the industry.

Armstrong said infrastructure developed by Coinbase currently processes the vast majority of agentic payments.

According to Armstrong, more than 90% of the roughly 165 million agentic payments recorded so far have taken place on Base, the blockchain developed by Coinbase, using the x402 protocol and USDC. He said this activity gives Coinbase a leading position in the emerging agentic finance market.

Armstrong also repeated his bullish long-term view on Bitcoin. He told CNBC that a price of $400,000 by 2030 is a “reasonable target” and maintained that Bitcoin has already reached its bottom in the latest market cycle.

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