The Senate needs 60 votes to advance the CLARITY Act on Sept. 15. Brian Armstrong says it's possible. If not, the SEC and CFTC have their own rules ready.
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September 15 is the next real date for American crypto. The Senate must decide whether to advance the CLARITY Act, a bill the industry has been waiting on for months. It needs 60 votes to move forward. Brian Armstrong thinks that number is still reachable. If Congress blocks it again, the SEC and CFTC are already drafting their own rules.
The CLARITY Act returns after a pause of several weeks. It had fallen behind schedule before the summer. September 15 is not its final adoption date. The Senate first votes on whether to begin formal consideration. That requires 60 votes. Republicans hold 53 seats. Even with their entire caucus on board, they need Democrats.
Armstrong, the Coinbase CEO, points to the House vote in July 2025. 294 members voted yes, 134 no. The Senate Banking Committee already approved the text 15-9. Now the full chamber has to be convinced.
Seven Democratic votes could be enough. On paper. Armstrong is not betting everything on Congress. If the vote fails, regulators keep working. The CFTC is preparing a new framework for platforms that trade crypto assets on the spot market. The SEC is also advancing its own rules. Both agencies have spent months working on how to classify digital assets, who oversees which platform, and where their responsibilities split.
The CLARITY Act is designed to set that boundary in law. The CFTC would take most of the crypto spot market. The SEC would keep oversight of assets it deems securities. Armstrong sees two paths. One runs through the Senate. The other runs through the agencies. A law passed by Congress gives more stability. A rule adopted by an agency can be rewritten by the next administration.
Crypto companies prefer the first path. They may have to settle for the second. Disagreements did not vanish over the summer. Stablecoins are still a sticking point. Banks and crypto firms clash over the rewards paid to users who hold certain dollar-backed tokens.
Donald Trump has re-entered the picture. Democrats want stricter rules for politicians with financial interests in crypto companies or projects. The Trump family has several active businesses in the sector. Proposals to regulate those ties have been on the table. Negotiations stalled on this point despite several concessions from Trump, according to people familiar with the talks.
The calendar is tightening. Midterm elections are approaching. The further into campaign season the Senate gets, the less time it has to process a bill running several hundred pages. Armstrong remains confident. He believes American crypto will get clearer rules soon, either through Congress or through the agencies. September 15 will give a strong signal which route it takes.
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