TLDR
- Brian Armstrong pushes for the CLARITY Bill to provide clear crypto regulations in the US.
- Senate markups for the CLARITY Bill are expected in December, progressing crypto regulation.
- The CLARITY Bill aims to clarify the SEC and CFTC’s roles over digital assets.
- Coinbase faces financial challenges amid crypto market volatility despite legislative progress.
Brian Armstrong, CEO of Coinbase, has returned to Washington D.C. to push for the advancement of the Digital Asset Market Clarity Act (CLARITY Bill, H.R. 3633). The bill aims to clarify the regulatory framework for digital assets in the United States, with a focus on providing clear rules for crypto businesses. Armstrong expressed optimism about the progress made in recent months, noting that the momentum for clearer market structures is at an all-time high.
Armstrong hopes to see the CLARITY Bill marked up in committee by December, with the goal of it reaching President Biden’s desk soon after. This bill is crucial for providing clarity on which digital assets fall under the jurisdiction of the Securities and Exchange Commission (SEC) and which will be overseen by the Commodity Futures Trading Commission (CFTC). “We are very close to getting this done,” Armstrong stated, emphasizing that a well-defined regulatory framework will benefit businesses, protect consumers, and unlock new opportunities for innovation in the crypto sector.
Senate Action on Market Structure
The push for the CLARITY Bill comes at a pivotal moment in the ongoing debate over the regulation of cryptocurrencies. According to recent statements from key senators, both Republican and Democratic lawmakers are working toward finalizing the details of the legislation.
Senator Tim Scott, a prominent voice on the Banking Committee, revealed that markups and votes for the bill are expected to take place in both the Banking and Agriculture Committees next month. He mentioned that legislation could be brought to the Senate floor early in 2025.
Senators from both sides of the aisle are reportedly unified in their desire to provide clearer rules for the crypto industry, which has long operated in a regulatory gray area. Armstrong’s discussions with both Senate Democrats and Republicans have been productive, with both sides keen on finding solutions that support crypto innovation while ensuring appropriate protections for investors and consumers. “The final 10% is what we’re working on now, and we’re getting closer,” Armstrong shared.
Coinbase’s Struggles Amid Market Volatility
While Armstrong pushes for regulatory clarity, Coinbase faces significant challenges due to the recent downturn in the cryptocurrency market. Bitcoin’s price has dropped sharply, erasing much of the growth seen earlier in 2025. The decline in Bitcoin’s price has led to a reduction in trading volumes, which directly impacts Coinbase’s revenue model, as the exchange derives much of its income from transaction fees.
On November 18, 2025, Coinbase’s stock saw a substantial drop, falling by 7-9% as Bitcoin’s price fell below $90,000. This drop in market value has raised concerns among investors, especially given Coinbase’s heavy reliance on the performance of the broader cryptocurrency market. The company’s stock has fallen by over 40% from its mid-summer highs, marking a period of significant financial turbulence.
Despite the market downturn, analysts remain cautiously optimistic about Coinbase’s long-term prospects. The company has shown resilience by diversifying its revenue streams, including expanding into stablecoin services, staking, and custody offerings. Additionally, Coinbase has plans to expand its business model beyond just cryptocurrency trading, with the launch of “The Everything Exchange,” which aims to offer a variety of trading products, including derivatives and equities.
Legislative Roadmap for Crypto Market Structure
The CLARITY Bill represents a critical step toward establishing a more predictable regulatory environment for the cryptocurrency market in the United States. If passed, it would create a clearer distinction between commodities and securities, helping to define which assets fall under the purview of the SEC and which are governed by the CFTC.
The bill’s provisions aim to reduce uncertainty for crypto businesses, which have been grappling with unclear regulatory guidance for years. By providing a more structured framework, the CLARITY Bill is expected to foster innovation while ensuring that adequate protections are in place for consumers. Armstrong and other industry leaders are hopeful that the passage of this legislation will unlock further growth for the crypto sector in the U.S., promoting both economic opportunity and technological advancement.
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