Key facts
- Coinbase CEO Brian Armstrong believes U.S. crypto regulatory clarity will be achieved by September 15, with or without the CLARITY Act passing the Senate.
- If the CLARITY Act fails, the SEC and CFTC are ready to issue their own rules, providing an alternative path to clarity.
- The CLARITY Act vote is a procedural cloture vote requiring 60 Senate votes.
- The Digital Asset Market Clarity Act would divide regulatory oversight between the SEC and CFTC.
- The House passed the bill in July 2025, and the Senate Banking Committee advanced a version in May 2026.
- The CLARITY Act vote coincides with the FOMC meeting on September 15-16.
Coinbase CEO Brian Armstrong stated that the U.S. cryptocurrency industry is set to gain federal regulatory clarity by September 15, irrespective of the Senate's decision on the CLARITY Act. Armstrong outlined a dual-path scenario: if the bill successfully passes the cloture vote, it will become law; if it fails, the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) are prepared to issue their own rulemaking.
Armstrong described the upcoming vote as a procedural step, a motion to proceed, rather than final passage. He noted that while passage of the bill would be beneficial, its failure would also lead to a positive outcome due to the agencies' readiness to act. He indicated that negotiations on the bill are progressing, with the last remaining issue being ethics rules for elected officials holding digital assets, for which the White House has proposed a package that Democrats are seeking to strengthen.
The Digital Asset Market Clarity Act (H.R. 3633), which passed the House in July 2025 and a version of which was advanced by the Senate Banking Committee in May 2026, aims to divide regulatory oversight between the SEC and CFTC. The SEC would regulate tokens deemed securities, while the CFTC would oversee decentralized digital commodities like Bitcoin. Armstrong believes the bill's passage could help unlock institutional capital and products such as tokenized equities. Goldman Sachs CEO has also expressed support for the bill, despite some traditional banking sector concerns.
If legislative progress stalls, the CFTC has confirmed it will utilize its existing authority. While agency rules can be enacted more quickly than legislation, they are also more susceptible to reversal by future administrations. This distinction is reflected in prediction markets, which show higher odds for a Senate vote than for a signed law in 2026. The vote is scheduled alongside the FOMC meeting on September 15 and 16, creating a significant policy event for crypto markets.