Key facts
- Coinbase vice chair Ryan VanGrack stated that Democratic lawmakers have added customer protection provisions to the CLARITY Act.
- VanGrack believes the bill has significant momentum in the U.S. Senate.
- The CLARITY Act aims to provide regulatory clarity and consumer protections for the digital asset industry.
- The legislation is expected to be the most comprehensive piece of crypto-related law in the U.S.
As the U.S. Senate nears a potential vote on the Digital Asset Market Clarity (CLARITY) Act, a Coinbase executive has indicated significant progress. Ryan VanGrack, vice chair of Coinbase, stated in a CNBC interview that Democratic lawmakers have incorporated additional customer protection provisions into the bill. VanGrack described these additions as giving 'more teeth' to the legislation, emphasizing that customer protection is a primary focus. He believes the bill has 'tremendous momentum' in the Senate and is poised to become the most comprehensive regulatory framework for the digital asset industry.
Earlier versions of the bill faced potential delays, with Coinbase CEO Brian Armstrong having previously expressed reservations. However, the company's executives, including chief legal officer Paul Grewal, have since voiced support for the Senate passing the legislation. The CLARITY Act has also garnered support from President Donald Trump, who urged the Senate to pass the bill in honor of the late Senator Lindsey Graham. Republican lawmakers reportedly met with Trump to discuss the bill amid Democratic concerns about the president's ties to the crypto industry, including his disclosed earnings from digital asset investments.