Coinbase CEO Brian Armstrong says the CLARITY Act is ready for a full Senate vote as Stand With Crypto reports 950,000 voter contacts with lawmakers. The bipartisan bill would define SEC and CFTC roles and ban insider crypto trading by federal officials.
Alpha Score of 35 reflects weak overall profile with weak momentum, weak value, poor quality, moderate sentiment.
Coinbase CEO Brian Armstrong said the CLARITY Act is ready for Senate floor consideration as Stand With Crypto reported 950,000 contacts with lawmakers, intensifying pressure for action on a federal digital asset framework.
Stand With Crypto, a Coinbase-backed grassroots advocacy group, said on July 22 that supporters have made 950,000 contacts and counting with members of Congress. The campaign to advance the CLARITY Act, a bipartisan bill described by the group as a consumer-focused measure years in the making, now enters a decisive stage before the August recess.
Armstrong joined the push during a visit to Capitol Hill, thanking supporters for contacting their representatives. “The Clarity Act is ready for a full Senate floor vote,” he said in a video recorded during the trip. He described the bill as being “at the one-yard line” and said its next legislative step could come soon.
The campaign follows the release of updated CLARITY Act text by Senator Cynthia Lummis (R-WY) after negotiations involving the Senate Banking and Agriculture committees. The revised text includes ethics provisions that would prohibit covered federal officials – including the president, vice president, and members of Congress, as well as their spouses – from issuing or sponsoring digital assets for compensation while in office. Officials could comply by divesting affected holdings or placing them in a qualified blind trust. The restrictions would expire Jan. 20, 2029.
Armstrong argued that the lack of a federal framework has left consumers vulnerable, pushed parts of the crypto industry offshore and reduced the ability of U.S. regulators to oversee companies serving American customers. He pointed to the collapse of FTX as an example of damage from absent clear rules and effective oversight. The bill would strengthen protections for customers while giving law enforcement more tools to pursue fraud and other misconduct, he said.
“Crypto can’t be uninvented at this point, so whether you love crypto or hate crypto, you should want clear federal laws,” Armstrong wrote.
According to a Senate Banking Committee fact sheet, the CLARITY Act would define regulatory responsibilities for the Securities and Exchange Commission and Commodity Futures Trading Commission. The proposal includes tailored disclosure requirements, anti-evasion provisions, and restrictions intended to limit insider abuse and market manipulation. The measure would also protect customer crypto assets during exchange bankruptcies.
The Consumer Technology Association, which represents more than 1,200 technology companies, urged Senate leaders to advance the bill. The lobbying effort comes as lawmakers continue weighing the legislation amid broader political scrutiny of crypto market analysis policy.
The Senate is expected to take up the bill after the August recess, though no floor vote has been scheduled.
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