Bitcoin Magazine
Coinbase CEO Says Crypto Bill Could Rewire American Finance — Senate Votes Thursday
A long-stalled crypto market structure bill is moving through Congress with new momentum — and Coinbase’s top executive says it could reshape the American financial system.
Coinbase CEO Brian Armstrong declared his company’s support for the Digital Asset Market Clarity Act on Wednesday, calling the legislation a “true compromise” that balances the demands of the crypto industry against the interests of the traditional banking sector and signaling the bill is in the best shape he has seen since negotiations began.
The statements, via Fox News, came as the Senate Banking Committee prepared to hold its markup of the CLARITY Act on May 14, the first formal committee vote on the legislation in the Senate after months of procedural delays and two cancelled markups.
Committee Chairman Tim Scott has set a target of June or July 2026 for a full Senate floor vote, while the White House has marked July 4 as its goal for a presidential signature.
JUST IN: Coinbase CEO Brian Armstrong tells Fox Business there was a compromise on the Bitcoin & crypto market structure bill, clearing the way for it to pass the Senate “It’s in the best place we’ve seen so far…We’re ready to support a markup later this week.” pic.twitter.com/U88UfywifU— Bitcoin Magazine (@BitcoinMagazine) May 13, 2026
A legislative marathon is taking place
The CLARITY Act — formally H.R. 3633, the Digital Asset Market Clarity Act of 2025 — cleared the House of Representatives on July 17, 2025, in a 294–134 bipartisan vote, with all 216 House Republicans in support and 78 Democrats crossing the aisle.
Since then, the bill sat in the Senate Banking Committee through two cancelled markups, extended stablecoin negotiations, and an intensifying lobbying war between crypto firms and Wall Street banks.
At its core, the legislation draws a regulatory line between the Securities and Exchange Commission and the Commodity Futures Trading Commission.
Under the bill, the CFTC would hold exclusive jurisdiction over spot and cash markets for digital commodities while the SEC retains authority over investment contract assets and primary market fundraising. Stablecoins are carved out as a separate category under shared oversight.
The Senate version of the bill expanded beyond the House text, growing to nine titles that cover decentralized finance protections, illicit finance provisions, bankruptcy safeguards for crypto customers, and the Blockchain Regulatory Certainty Act, which creates safe harbors for software developers who publish code without controlling customer funds.
The stablecoin standoff
The bill’s most contested provision centered on stablecoin yield. Banks warned that permitting crypto platforms to pay rewards on stablecoin balances would trigger deposit flight from traditional bank accounts and threaten lending operations. Crypt
