Armstrong said the Senate delay was disappointing but noted stablecoin use, tokenization and perpetual futures markets continue expanding. The bill is expected in September.
Alpha Score of 37 reflects weak overall profile with poor momentum, weak value, poor quality, strong sentiment.
Coinbase CEO Brian Armstrong said the Senate's failure to advance the CLARITY Act this week was disappointing. Progress across the crypto sector continues regardless of the congressional timeline, he said.
Stablecoin use is growing. Markets for perpetual futures and tokenized real-world assets are expanding. More consumers are using crypto, Armstrong said.
"The momentum behind this technology keeps growing with or without a congressional calendar," Armstrong said.
Senate Majority Leader John Thune has committed to bringing the bill to the Senate floor when lawmakers return from recess. Thune said it would be "queued up first thing when we come back." Consideration is now expected in September.
The CLARITY Act would create a federal framework for digital assets and split oversight between the Securities and Exchange Commission and the Commodity Futures Trading Commission. The latest Senate draft includes a CFTC-led framework for digital commodities. It would create registration categories for exchanges, brokers, dealers and advisers. Rules for qualified digital asset custodians are also in the proposal.
Stablecoins form another pillar of the legislation. The draft addresses rewards linked to payment stablecoins and generally restricts interest or yield payments for simply holding those assets. Activity-based rewards tied to payments, remittances, liquidity provision, staking and loyalty programs could remain permitted when they are not structured like bank deposit interest.
The bill would also give banks and credit unions clearer authority to use digital assets and blockchain technology for activities they are already permitted to conduct.
The White House and senators are still negotiating the ethics language in the bill. The revised legislation includes restrictions on public officials and their spouses issuing or sponsoring digital assets for compensation while serving in office. The proposal would also restrict intermediaries from listing tokens issued in violation of those rules.
Officials could continue holding digital assets as investments under existing disclosure requirements. The proposed restrictions would expire in January 2029.
The ethics provisions remain part of the negotiations delaying Senate action. Democrats have sought additional safeguards. Discussions continue over language involving President Donald Trump's crypto-related business interests.
Armstrong said Congress still has an important role in establishing federal market structure rules. Clear legislation could support investment, innovation and employment while providing consumers with stronger protections, he said.
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