Coinbase CEO Brian Armstrong has renewed his push for the U.S. Senate to pass the CLARITY Act, describing the legislation as a bipartisan framework that would bring long-awaited regulatory clarity to the American digital asset industry. The bill represents the most comprehensive congressional effort to date to resolve the jurisdictional ambiguity between the SEC and CFTC that has shaped years of enforcement-driven oversight.

Armstrong's August 3 remarks came as Senate consideration of the bill remained tied to unresolved ethics negotiations. Lawmakers were still awaiting a White House response to a revised ethics counterproposal before a vote could move forward.

Senate Vote Hinges on Ethics Talks

Armstrong highlighted that one in four Americans now hold cryptocurrency, framing the CLARITY Act as a priority for a growing share of voters. He asserted that voters are twice as likely to support candidates who back the legislation, regardless of political affiliation.

Coinbase echoed the message in a public statement: "America needs CLARITY." Armstrong said the bill would establish clear rules for the crypto industry after years of bipartisan negotiations.

However, the path to a Senate vote remains obstructed. Journalist Eleanor Terrett reported that the White House had not yet responded to an ethics counterproposal submitted the previous Thursday. According to Terrett's source, Senators Thom Tillis and Ruben Gallego sent the proposal, leaving what is widely regarded as the legislation's most significant unresolved issue unsettled ahead of a potential vote. The ethics dispute reflects broader Democratic concerns about potential conflicts of interest involving executive branch officials and digital asset holdings.

Proposed Framework Outlined

Armstrong said the legislation would expand U.S. oversight of digital asset businesses while strengthening consumer protections and law enforcement authority. He also noted that the proposal would create additional banking opportunities for the crypto sector.

Senator Cynthia Lummis previously released updated CLARITY Act text combining work from the Senate Banking and Agriculture committees. The 616-page proposal assigns regulatory responsibilities to the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).

The bill establishes registration standards for exchanges, brokers, dealers, custodians, and other intermediaries. It also addresses cybersecurity, bankruptcy protections, illicit finance, developer protections, digital asset kiosks, and international coordination. The legislation passed the House earlier in 2025, adding momentum to the Senate push.

Industry Awaits Senate Action

Support for the legislation extends beyond Coinbase. SEC Chair Paul Atkins endorsed congressional action on crypto regulation and offered the agency's technical assistance during the legislative process.

Stand With Crypto reported nearly 950,000 constituent contacts with lawmakers. The organization also stated it would score every Senate CLARITY vote on behalf of more than three million advocates.

Kristin Smith, former Blockchain Association CEO and current Solana Institute president, said a motion to proceed on the bill remains possible this week. She added that a cloture vote could still occur before lawmakers depart for the August recess.

Smith acknowledged that major legislation often faces procedural delays before advancing. She pointed to the GENIUS Act as a precedent, noting it failed an earlier cloture vote before ultimately passing the Senate and becoming law. The GENIUS Act's trajectory demonstrated that Congress can overcome procedural hurdles on digital asset legislation when bipartisan support holds.