Coinbase CEO Sees 90% Progress on US Crypto Bill, Eyes Year-End Passage

Washington D.C. – Brian Armstrong, CEO of cryptocurrency exchange Coinbase, has expressed strong optimism regarding the advancement of comprehensive crypto regulatory legislation in the United States. Following recent discussions with Senate Democrats and Republicans, Armstrong indicated that lawmakers are "90% there" in developing a market structure bill, with ongoing efforts focused on finalizing the remaining details.

"DC may be shut down, but momentum for market structure clarity is at an all-time high. I sat down with Senate Democrats and Republicans who want to get this done - we're 90% there," Armstrong stated in a social media post.

Armstrong highlighted the bipartisan nature of these discussions, noting that both sides are actively working to resolve the final 10% of the legislative framework. Coinbase continues to advocate for clear rules designed to protect innovation within decentralized finance (DeFi) and safeguard the ability to earn stablecoin rewards. The company's persistent lobbying efforts underscore the industry's demand for regulatory certainty.

"@Coinbase is continuing to push for clear rules that protect innovation in DeFi and your right to earn stablecoin rewards," Armstrong added, emphasizing the company's commitment.

The Coinbase CEO conveyed a bullish outlook for the legislative timeline, stating his hope that a bill could emerge from committee by Thanksgiving. Furthermore, Armstrong expressed optimism for the potential passage of a comprehensive crypto bill by the end of the year, providing much-needed clarity for the digital asset market. This sentiment comes as Congress faces pressure to establish a definitive framework amidst a complex regulatory landscape.

"We're bullish on getting a bill passed by year-end, and hopeful it's out of Committee by Thanksgiving," Armstrong shared, outlining ambitious legislative targets.

Current legislative efforts in Washington include the Financial Innovation and Technology for the 21st Century Act (FIT21), which has passed the House with bipartisan support. This bill aims to clarify the jurisdictional roles of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) over digital assets. However, its path through the Senate, where some lawmakers and the SEC have voiced reservations, remains uncertain.

Beyond broader market structure, stablecoin legislation is also a significant focus, with various proposals circulating to establish a regulatory regime for these assets. Industry stakeholders, including Coinbase, view the establishment of clear rules as crucial for fostering innovation, ensuring consumer protection, and bringing regulatory certainty to the rapidly evolving cryptocurrency sector. The ongoing push for clarity is seen as vital for the long-term growth and stability of the digital asset economy.