Coinbase CEO Brian Armstrong said on CNBC today that cryptocurrency may be approaching its next bull market, citing a scheduled congressional vote on crypto legislation and Bitcoin's historical seasonal strength in the final quarter.
Armstrong pointed to a Sept. 15 procedural vote on the Clarity Act, which would establish federal regulatory definitions for digital assets, as a potential catalyst. The vote is scheduled as a cloture motion to proceed to debate on the measure, not a final passage vote. He also invoked Bitcoin's pattern of gains from October through December, a seasonal trend tracked across the industry.
The Clarity Act has moved fitfully through Congress since its introduction. A previous attempt to advance the bill stalled in March after disputes over tax reporting requirements and staking income definitions. The Sept. 15 date assumes both open questions will be resolved before the procedural vote, though no resolution has been announced.
Armstrong's comments come as institutional interest in spot Bitcoin and Ethereum trading venues has grown. Coinbase, the largest U.S. crypto exchange by trading volume, filed for a Commodity Futures Trading Commission registration in July to offer crypto derivatives. Bitcoin has traded between roughly $38,000 and $48,000 this year. Ethereum has ranged from $1,900 to $2,800.
The Clarity Act passed the House Financial Services Committee in June with bipartisan support but has not advanced to a full House floor vote. Senate passage would also be required before any bill could reach President Biden's desk. Armstrong's statement was the first public comment from a major exchange CEO linking the September vote directly to market expectations.
Armstrong is a known advocate for crypto regulation and has funded political candidates supporting the Clarity Act. If the cloture motion fails or if the bill does not reach a vote by late September, the legislative push would likely slip into the congressional session beginning in 2027.
The document to watch is the Sept. 15 Senate floor schedule: if the Clarity Act does not appear on it by early September, the procedural vote will not occur as planned.
