Coinbase ramps up push for CLARITY Act

Coinbase has stepped up its campaign for the CLARITY Act as the US Senate prepares to consider the crypto market structure legislation that could reshape regulation of digital assets in the country.

The bill cleared the Senate Banking Committee in a 15-9 vote in May and now faces the challenge of securing the 60 votes needed to advance through the full Senate.

“This will be actually the biggest financial regulatory bill that Congress has done in quite some time, certainly since Dodd-Frank,”

Said Coinbase chief policy officer, Faryar Shirzad, in an interview with Fox Business.

Shirzad said Republicans largely remain united behind the legislation and argued that support from dozens of House Democrats suggests a path forward for the bill in the Senate.

The Coinbase executive also described the legislation as a framework that would allow banks to participate more actively in digital assets under clear federal rules, potentially opening the sector to greater institutional involvement.

Coinbase recently received additional regulatory support after the Commodity Futures Trading Commission issued guidance allowing Coinbase Financial Markets to connect US institutional clients with global crypto derivatives markets.

A major sticking point remains the treatment of stablecoin rewards, with lawmakers debating whether digital asset firms should be allowed to offer incentives that resemble interest paid on traditional bank deposits.