Coinbase CEO: Disappointed that the CLARITY Act failed to advance, expects SEC and CFTC to step in to clarify crypto regulation.

BlockBeats news, September 16: Coinbase CEO Brian Armstrong said that the failure of the CLARITY Act to advance in the Senate today is disappointing. Bipartisan dialogue may still continue, and the bill may yet have another chance, but we cannot keep waiting on Congress. The SEC (U.S. Securities and Exchange Commission) and CFTC (U.S. Commodity Futures Trading Commission) already have sufficient tools to establish clear rules under existing authority, and I expect them to get to work in earnest. Therefore, regardless of Congress, regulatory clarity for the crypto industry will come.

Of course, on stablecoins, the GENIUS Act is already current law, and it is even more permissive on reward mechanisms. We made some hard-to-accept concessions on the CLARITY Act, so perhaps this outcome is actually a good thing for now. Crypto cannot be "invented back." As regulators gradually clarify the rules, we will continue to push for an update to the financial system.