The CLARITY Act is scheduled for a Senate cloture vote on September 15 and requires 60 votes to advance, meaning Democratic support will be necessary. Coinbase CEO Brian Armstrong and Grayscale Research Head Zach Pandl said U.S. crypto regulation could still progress through legislation and agency action even if the bill does not pass.

Armstrong told CNBC’s Squawk Box Asia that regulatory clarity could emerge either from Congress or from rules issued by federal agencies. Pandl made a similar case in Grayscale’s analysis, pointing to developments across several areas of the digital-asset market. The legislative vote and the agencies’ separate rulemaking efforts therefore represent distinct avenues for changes to the U.S. regulatory framework.

CLARITY Act Faces Senate Vote

The CLARITY Act would divide digital-asset oversight between the Securities and Exchange Commission and the Commodity Futures Trading Commission. Republicans hold 53 Senate seats, so at least some Democratic votes are required to reach the 60-vote cloture threshold.

Armstrong said the legislation appeared close to securing enough support, although lawmakers were still negotiating ethics provisions and other outstanding issues. The bill was introduced in May 2025 and passed the House in July. Pandl said prediction markets assign a low probability to its enactment during 2026.

The bill could be reconsidered during the lame-duck session or under a future Congress, according to Pandl. He said CLARITY remains important because it would establish lasting authority for the SEC and CFTC. The September vote, any unresolved negotiations and the possibility of later consideration are the main legislative developments to watch around the bill.

Agencies Advance Separate Crypto Rules

Pandl said regulatory progress has continued beyond the CLARITY Act. He cited the GENIUS Act, which established a federal framework for payment stablecoins, as well as the SEC’s proposed Regulation Crypto Assets.

The SEC proposal could provide clearer routes for token fundraising. A potential innovation exemption could allow certain securities activities to move onto blockchains. Proposed transfer-agent rules could also permit blockchains to serve as official ownership records for issuers.

The CFTC has opened regulated U.S. pathways for perpetual futures through Kalshi and Coinbase, adding another example of market infrastructure advancing outside the CLARITY legislation. The stablecoin framework, SEC proposal and CFTC pathways cover different parts of the digital-asset market, so their development would proceed separately from the outcome of the Senate vote.

Coinbase Expands Beyond Spot Trading

Armstrong said Coinbase’s spot trading activity has declined over the past year. Trading accounts for about half of the company’s revenue, while other income comes from stablecoins and institutional custody.

The exchange has expanded into stocks, commodities and foreign exchange, and established hubs in the United Arab Emirates and Singapore. Coinbase reported $1.2 billion in second-quarter revenue, down from $1.5 billion a year earlier. It recorded a $359.5 million net loss, compared with a $1.43 billion profit.

Armstrong attributed some of the financial pressure to weaker spot trading. Coinbase shares have declined nearly 23% this year. The company’s expansion into additional asset classes and services comes as its results remain tied in part to changes in spot-trading activity.