Coinbase CEO Brian Armstrong has reversed his stance, now urging Congress to pass the Digital Asset Market Clarity Act. This shift follows US Treasury Secretary Scott Bessent's call for swift legislative action. Armstrong stated that the bill, after months of negotiation, is strong enough to move forward, aligning with the Treasury chief's position.
Previously, Armstrong had objected to the bill's language, contributing to a delay in Senate Banking Committee markup votes. Key sticking points included issues surrounding stablecoin yields, tokenized equities, and ethics provisions.
Progress on the legislation is slow but evident, with lawmakers reportedly close to an agreement. The Senate Agriculture Committee approved the bill in January, but the Senate Banking Committee's markup is still pending. These committees oversee different aspects of the bill, concerning securities and commodities regulations respectively.
Coinbase is not the only entity benefiting from a more favorable political climate; several other crypto firms have received national bank trust charter approvals. Reports suggest Armstrong met with former President Donald Trump, who has publicly advocated for prompt action on crypto market structure rules. With alignment from the Treasury, the White House, and Coinbase's leadership, pressure is mounting on Congress to finalize the legislation.