TLDR
- Coinbase CEO Armstrong predicts a strong chance for the crypto bill’s passage.
- The Digital Asset Market Clarity Act clarifies SEC and CFTC roles in crypto.
- Strong bipartisan support signals swift movement on U.S. crypto regulation.
- Kraken CEO calls for a regulatory framework that protects crypto builders.
Coinbase CEO Brian Armstrong has expressed strong optimism about the future of crypto legislation in the United States. He described the upcoming market structure bill as a “freight train” with the momentum to be passed soon. The bill, which has gained significant bipartisan support, aims to clarify the regulatory landscape for digital assets, providing clear guidelines for agencies like the SEC and CFTC.
Crypto Market Structure Act Gains Bipartisan Support
The Digital Asset Market Clarity Act, which aims to define how cryptocurrencies and related products should be regulated, has seen growing support from lawmakers. The bill’s primary goal is to clarify the roles of the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), and other regulatory bodies. It will focus on ensuring that non-stablecoins, like tokenized stocks, are properly regulated.
Brian Armstrong, during a meeting with lawmakers, emphasized that the passage of this bill would be essential for fostering crypto innovation in the U.S. He stressed the importance of building a supportive environment for crypto businesses, while also ensuring consumer protection. Armstrong’s comments were shared in a video on X, where he noted that discussions with members of both parties in the Senate revealed strong support for the bill.
Armstrong further explained that the process of drafting the bill is ongoing, with back-and-forth exchanges between lawmakers, industry experts, and public input from the crypto community. He believes the bill is moving forward at an impressive pace. “It’s a freight train leaving the station,” Armstrong said, indicating his belief that the bill has a high chance of being passed into law.
Legislators Push for Action Before Year-End
The momentum behind the Digital Asset Market Clarity Act continues to grow, with some lawmakers predicting that the bill could reach President Donald Trump’s desk before the end of the year. Senator Cynthia Lummis, who has been an advocate for crypto legislation, recently suggested this timeline. If this happens, it would mark a significant milestone for the crypto industry in the U.S.
The bill has garnered attention from a wide range of stakeholders. Executives from major crypto firms, including Ripple, Kraken, and Circle, along with venture capital firms such as a16z and Paradigm, have been actively involved in discussions. Their participation highlights the broad support the bill has from various sectors of the crypto industry, all of whom are seeking clarity on regulatory matters.
Focus on Protecting Crypto Builders
Kraken CEO Arjun Sethi also weighed in on the discussions surrounding the bill. Sethi emphasized the importance of creating a regulatory framework that supports the builders of crypto products and services. He stressed that the primary focus should be on protecting those who are developing new technologies, rather than just serving the interests of established financial institutions.
Sethi’s comments reflect a broader concern within the crypto community about ensuring that innovation can continue to thrive under regulation. He urged lawmakers to create a system that allows new protocols, chains, and digital assets to be built without unnecessary restrictions that could stifle growth. “Protecting the right to build protocols, chains, memes, tokenized equities, commodities, utilities, etc. is critical,” Sethi said.
Bitcoin Reserve Bill Gains Momentum
In addition to the crypto market structure bill, another significant piece of crypto-related legislation is gaining traction in Washington. The BITCOIN Act, sponsored by Senator Lummis, aims to create a U.S. Bitcoin reserve. Lawmakers recently met with prominent figures in the Bitcoin community, including Michael Saylor of Strategy, to discuss how this proposal could move forward.
The goal of the BITCOIN Act is to have the U.S. government acquire one million Bitcoin over the next five years. This would be done through budget-neutral strategies, such as reevaluating the Treasury’s gold certificates and tariff revenues. The plan is still in the early stages, but its growing support suggests that it could be another major step in integrating digital assets into the U.S. financial system.
Both the Digital Asset Market Clarity Act and the BITCOIN Act represent important steps in the evolution of cryptocurrency regulation in the U.S. As discussions continue, the outcome of these legislative efforts could reshape the future of the industry in the country.
Stay Ahead of the Market with Benzinga Pro!
Want to trade like a pro? Benzinga Pro gives you the edge you need in today's fast-paced markets. Get real-time news, exclusive insights, and powerful tools trusted by professional traders:
- Breaking market-moving stories before they hit mainstream media
- Live audio squawk for hands-free market updates
- Advanced stock scanner to spot promising trades
- Expert trade ideas and on-demand support
