Coinbase CEO Brian Armstrong told CNBC that the CLARITY Act is approaching the 60 votes needed for passage in the Senate, with a key vote expected September 15. Remaining disagreements center on ethics provisions rather than core regulatory definitions, Armstrong said.
The 60-vote hurdle represents the actual barrier in the chamber. Unlike simple majority votes, Senate legislation on financial regulation typically requires 60 votes to overcome a filibuster, meaning the bill needs support from both parties to advance. Armstrong said passage could unlock institutional capital flows and enable new products such as tokenized equities within U.S. markets.
Grayscale Head of Research Zach Pandl told CNBC that regulatory clarity is advancing independent of the CLARITY Act's legislative fate. Progress on stablecoins, token issuance, tokenized securities and regulated perpetual futures is occurring through agency action, Pandl said. The SEC and CFTC could establish clearer rules even if Congress does not pass the bill, he added.
The CLARITY Act would establish crypto as a distinct asset class and clarify which regulator oversees different digital assets and activities. The bill has moved through committee with bipartisan backing and attempts to reduce regulatory overlap that has slowed product approvals. Previous efforts to pass crypto legislation in Congress have stalled over disagreements on scope and agency jurisdiction.
Both executives noted that regulatory progress is occurring through agency rulemaking independent of Congress. "Regardless of whether CLARITY passes, we're seeing constructive movement," Armstrong said according to the CNBC report. Pandl pointed to SEC approval of spot bitcoin and ethereum ETFs, CFTC guidance on derivatives markets, and ongoing stablecoin rulemaking as instances of agencies moving ahead.
Armstrong's September 15 timeline assumes sustained effort. The vote represents the first hard deadline for Senate passage; failure at that threshold would likely delay any legislative push into 2027 or later. Sixty votes in a 100-member chamber where crypto regulation remains politically divided on other lines than party affiliation means the bill requires defections from members who have opposed it in committee.
Grayscale and Coinbase both benefit from regulatory clarity that expands institutional product access. Grayscale operates trust products for institutional investors holding crypto; Coinbase is the largest U.S. retail and institutional exchange. Both have lobbied for the CLARITY Act.
