Senate negotiations on the CLARITY Act intensify as Democrats add consumer protection provisions. Coinbase's VanGrack says users are at the center, but ethics concerns around Trump's crypto ties remain unresolved.
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The CLARITY Act, a broad digital-asset regulatory bill, is in final Senate negotiations with a vote expected in the coming weeks. Democratic lawmakers added consumer protection provisions during closed-door talks, according to Ryan VanGrack, vice president of Coinbase.
VanGrack told CNBC on Monday that the new measures place users at the center of the legislation. “The current system lacks this infrastructure and these protections,” he said. “Democrats have wisely seized this opportunity to ensure that consumers are at the heart of this bill.”
He did not say whether ethics-related safeguards had been added. Several Democratic senators consider those provisions essential before giving their support, people familiar with the talks said. That issue remains one of the main points of discussion.
Coinbase’s position on the bill has shifted over the past six months. In January, CEO Brian Armstrong said the platform could not support an earlier version. That stance contributed to a delay in the Senate Banking Committee’s review, according to people involved in the process.
Now company executives are publicly backing the legislation. Legal Director Paul Grewal wrote on X: “Don’t care or feel somewhere in the middle about crypto? Pass CLARITY to show Congress can still actually do something with the power granted by the American people. It’s time.”
The shift comes as Coinbase tries to stay close to regulatory discussions. Under the Biden administration, the SEC sued the exchange for operating as an unregistered broker, exchange and clearinghouse. The case was dropped after Donald Trump’s inauguration and the appointment of Mark Uyeda as interim SEC chair.
Trump has endorsed the CLARITY Act. After the death of Senator Lindsey Graham, he urged Senate members to pass the bill in tribute to Graham, whom he called a fervent supporter. Republican lawmakers met with Trump to discuss the bill’s future, people familiar with the meeting said.
Some Democrats question the president’s ties to the crypto sector. In June, Trump disclosed $1.4 billion in revenue from his Official Trump token (TRUMP), World Liberty Financial and other digital-asset investments. Those disclosures fuel debate about potential conflicts of interest, several Democratic aides said.
Democratic senators met behind closed doors to examine their positions ahead of the vote. At this stage, the final version of the CLARITY Act has not been made public. No plenary session voting date has been announced.
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