Coinbase CEO Sees Crypto Clarity Regardless of Senate Vote

Coinbase CEO Brian Armstrong said the U.S. crypto industry is positioned to gain federal regulatory clarity whether or not the CLARITY Act clears its key Senate test, arguing that both Congress and federal regulators are prepared to act. Speaking on CNBC's Squawk Box Asia on September 10, Armstrong said the Securities and Exchange Commission and the Commodity Futures Trading Commission are ready to publish rulemaking if the legislation stalls. The Senate has scheduled a cloture vote on the bill for September 15 at 2:15 p.m. ET. The procedural step requires 60 votes to advance, and Republicans hold 53 seats, meaning at least seven Democrats or independents would need to cross the aisle. The vote is a motion to proceed rather than final passage, and even if it succeeds, the House has cancelled late-September sessions, making a presidential signature this month a difficult target. Armstrong said he expects the bill to clear the threshold, while Galaxy Research has put the odds of passage at about 30 percent given the compressed pre-midterm calendar. If it passes, great, we've got legislation, Armstrong said.