Coinbase has stepped up its push for US crypto market rules as Senate lawmakers prepare for a crucial vote on the CLARITY Act this month.
Summary
- Coinbase’s Faryar Shirzad said the CLARITY Act could become the largest US financial regulation bill since Dodd-Frank.
- The bill passed the Senate Banking Committee 15-9 and now needs 60 votes in the Senate to advance.
- Senator Cynthia Lummis warned that Congress may not have another serious chance to pass cryptocurrency legislation until 2030.
Shirzad said in Fox Business Mornings with Maria that the Digital Asset Market Clarity Act could become the most important financial regulation bill since Dodd-Frank. Coinbase’s chief policy officer argued that the bill would finally give digital asset companies clear rules in the United States.
The legislation authorized the Senate Banking Committee on May 14 in a 15-9 vote. Democratic Sens. Rubén Gallego of Arizona and Angela Alsobrooks of Maryland joined Republicans in supporting the measure. However, the bill still needs 60 votes in the Senate to advance on the floor.
Coinbase Sees Senate Path for Cryptocurrency Bill
In the interview, Shirzad said Republicans remain largely united behind the bill. He also said several Senate Democrats want to finish the legislation after nearly 80 House Democrats supported the measure.
Senator Cynthia Lummis warned on
President Donald Trump has also made cryptocurrency legislation a priority for his administration. In a Truth Social post, Trump endorsed a “future-proof” digital asset market framework, while his team set a July 4 signing date.
Banks could enter cryptocurrencies under new rules
Shirzad described the bill as a way for banks to enter the crypto sector under clearer federal rules. He said the legislation would give banks new authority to participate in digital assets for the first time since the 1990s.
According to Shirzad, JPMorgan and other major banks want to access the cryptocurrency market. He said Coinbase would welcome traditional financial companies if Congress creates a legal structure for their participation.
Coinbase also scored a separate regulatory victory on May 29. The Commodity Futures Trading Commission issued guidance allowing Coinbase Financial Markets to connect US institutional clients to global crypto derivatives markets.
Shirzad called the CFTC’s action an important regulatory breakthrough. He said the decision supports Trump’s stated goal of bringing more cryptocurrency market activity to American soil.
Stablecoin rewards remain a central theme
An unresolved political fight has to do with the rewards of stablecoins. Senators Thom Tillis and Angela Alsobrooks reached a compromise in May that locks in rewards financially similar to interest on bank deposits while allowing activity-based incentives.
Shirzad said Tillis and Alsobrooks have made clear that the commitment language is fixed. He said they plan to defend that language with other lawmakers.
JPMorgan Chase CEO Jamie Dimon criticized the bill during a May 28 interview with Maria Bartiromo. Dimon said crypto platforms should operate like banks if they want bank-like privileges.
Dimon also expressed concerns about anti-money laundering regulations and enforcement of the Bank Secrecy Act. He said banks would not accept the bill without changes. CEO of Coinbase Brian Armstrong responded online with a hockey-themed meme after Dimon criticized his description of the banks’ position. Shirzad later noted that JPMorgan remains Coinbase’s bank, even after disagreements over crypto policy.
