Coinbase CEO Brian Armstrong has been actively promoting the progress of cryptocurrency market structure legislation in Washington recently. He stated that since his last visit, he has witnessed "many positive developments" and expressed optimism about the legislative process in the coming months. Armstrong specifically noted that he hopes the highly anticipated CLARITY Act will enter the formal review stage in December this year and be submitted to the President for signing as soon as possible, thereby becoming formal law. He emphasized that the advancement of this bill is crucial for the future development of the U.S. crypto industry, as it will not only provide clearer regulatory rules for industry participants but also help unlock the industry's potential, protect user rights, and support innovation and growth for related enterprises.
Armstrong further explained that there are still many regulatory ambiguities in the United States regarding crypto asset oversight, which has introduced uncertainties and risks for business operations and user participation. The CLARITY Act is designed to address this regulatory gap by providing a systematic, transparent, and actionable legal framework for the digital asset market. The bill is expected to cover various aspects, including the classification of digital assets, compliance requirements for trading platforms, investor protection mechanisms, and anti-money laundering measures, thereby encouraging technological innovation while ensuring market stability and security.
Additionally, Armstrong mentioned that as multiple countries and regions worldwide gradually advance their legislative efforts in crypto regulation, the United States urgently needs to accelerate its pace to maintain its competitiveness and leadership in the fintech sector. He believes that a clear regulatory environment will not only attract more capital and talent to this field but also foster positive interactions between businesses and regulatory agencies, jointly promoting the healthy development of the industry.
In the process of advancing legislation, Armstrong and his team have actively engaged with members of Congress, policymakers, and industry representatives to strike a balance among the interests of all parties. He believes that through continuous effort and collaboration, the United States is fully capable of establishing a crypto regulatory system that supports innovation while emphasizing risk prevention.
Overall, Armstrong is highly confident about the future of the CLARITY Act and hopes it will achieve substantial progress by the end of the year. He believes this will not only be a significant milestone for the development of the U.S. crypto industry but also provide valuable insights for global digital asset regulation. As the legislative process gradually advances, the U.S. crypto market is expected to enter a new phase of more standardized, transparent, and sustainable development.
