Coinbase has intensified its push for U.S. crypto market rules as Senate lawmakers prepare for a decisive vote on the CLARITY Act this month.
Summary
- Coinbase’s Faryar Shirzad said the CLARITY Act could become the biggest U.S. financial regulatory bill since Dodd-Frank.
- The bill cleared the Senate Banking Committee by a 15-9 vote and now needs 60 votes in the Senate to advance.
- Senator Cynthia Lummis warned that Congress may not get another serious chance to pass crypto legislation until 2030.
Shirzad said on Fox Business’ Mornings with Maria that the Digital Asset Market Clarity Act could become the most important financial regulation bill since Dodd-Frank. The Coinbase chief policy officer argued that the bill would finally give digital asset firms clear rules in the United States.
The legislation cleared the Senate Banking Committee on May 14 in a 15-9 vote. Democratic Senators Ruben 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 crypto 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 X on May 29 that Congress may not get another serious chance to pass digital asset legislation until 2030. According to Lummis, developers would remain exposed without legal protections if lawmakers fail to act during this Congress.
President Donald Trump has also made crypto legislation a priority for his administration. In a Truth Social post, Trump backed a “future-proof” digital asset market framework, while his team has targeted a July 4 signing date.
Banks could enter crypto 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 access to the crypto market. He said Coinbase would welcome traditional financial firms if Congress creates a legal structure for their participation.
Coinbase also gained a separate regulatory win on May 29. The Commodity Futures Trading Commission issued guidance allowing Coinbase Financial Markets to connect U.S. institutional clients to global crypto derivatives markets.
Shirzad called the CFTC move a major regulatory unlock. He said the decision supports Trump’s stated goal of bringing more crypto market activity onto U.S. soil.
Stablecoin rewards remain central issue
One unresolved political fight involves stablecoin rewards. Senators Thom Tillis and Angela Alsobrooks reached a compromise in May that blocks rewards economically similar to bank deposit interest while allowing activity-based incentives.
Shirzad said Tillis and Alsobrooks have made clear that the compromise 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 as banks if they want bank-like privileges.
Dimon also raised concerns about anti-money laundering rules and Bank Secrecy Act enforcement. He said banks would not accept the bill without changes.Coinbase CEO Brian Armstrong responded online with a hockey-themed meme after Dimon criticized his description of banks’ position. Shirzad later noted that JPMorgan remains Coinbase’s bank, even after disagreements over crypto policy.
