Coinbase Chief Policy Officer Faryar Shirzad says the Clarity Act has bipartisan support and could get a House vote next week, despite opposition from some Democrats and banking lobbyists.
Coinbase Chief Policy Officer Faryar Shirzad said Monday the Clarity Act is ready for a House vote, with bipartisan support that could bring it to the floor as soon as next week.
The legislation, first introduced last year, would create a federal framework for crypto regulation. A new draft circulated last week includes a provision banning officials and their families from issuing or promoting digital assets. That change responded to earlier ethics objections from some lawmakers.
Some Democrats remain opposed. A group of the party's lawmakers said in a statement last week the bill still falls short. Banking industry groups have also pushed back against stablecoin interest payments, warning they could drain deposit bases and create an uneven playing field.
Shirzad dismissed those concerns. "The irony of the situation we're facing with the banking lobby in Washington is that all the banks are actually moving quickly to adopt crypto and stablecoin in their own systems," he said. "I think the adoption by the banks tells you that as much as the lobbyists in Washington are resisting change, the long-term plan for the banks at the top is to adopt the technology, and it'll be a win-win outcome."
JPMorgan Chase and Bank of America have both signaled interest in stablecoin products, according to public statements and regulatory filings. Goldman Sachs CEO David Solomon earlier backed the CLARITY Act as banks fight over stablecoin rewards. Shirzad said the bank adoption proves the bill has industry momentum.
The bill had stalled after months of debate over stablecoin regulation and ethics rules. The new draft aims to resolve those issues. A vote could come next week; the House schedule has not been finalized.
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