Coinbase CEO Brian Armstrong has voiced support for U.S. Treasury Secretary Scott Bessent’s call for Congress to move quickly on the Digital Asset Market CLARITY Act, marking a shift after the exchange previously withheld backing over stablecoin provisions.
Armstrong posted on X on April 10, thanking Bessent and saying, “It’s time to pass the Clarity Act,” and expressing gratitude for bipartisan work from senators and staff to strengthen the bill.
Bessent, in a Wall Street Journal op-ed promoted on X, argued that “digital asset rules need clarity” and urged lawmakers to establish a formal regulatory framework for crypto markets, including stablecoins. “Congress has spent the better part of half a decade trying to pass a framework to onshore the future of finance,” he wrote, adding that Senate time is precious and action is needed now.
Senate attention is building as the CLARITY Act gains momentum. Coinbase had earlier withdrawn support for a Senate market structure bill amid disputes over stablecoin provisions—particularly yield rules—before those issues were resolved. Coinbase chief legal officer Paul Grewal has said the CLARITY Act may be nearing a markup hearing in the Senate Banking Committee, but final progress hinges on settling remaining disagreements over stablecoin yield rules.
Other industry leaders, including Ripple CEO Brad Garlinghouse, have also stressed that clarity is preferable to chaos and remain optimistic about the bill’s prospects, with Garlinghouse previously estimating a high likelihood of the CLARITY Act passing soon.