Coinbase Global Inc. (COIN) CEO Brian Armstrong is making a public push for the Senate to pass the CLARITY Act, arguing that clearer cryptocurrency regulations would protect consumers, strengthen U.S. oversight, and help America maintain its leadership in financial technology.

Armstrong Urges Senate Action on Crypto Rules

On Monday, Armstrong backed the CLARITY Act in a post on X, calling it a bipartisan effort to establish clearer rules for the crypto industry.

"The CLARITY Act represents a ton of bi-partisan work to finally establish clear rules for crypto in America, which 70% of Americans say we should already have," he wrote.

The Coinbase CEO said the legislation could help address concerns around consumer protection, law enforcement, and regulatory oversight.

"Whether people love crypto or hate it, there is broad consensus that we need clear rules to protect consumers, give new tools to law enforcement to stop bad actors, and to bring crypto within the U.S. regulatory perimeter so it stops going offshore where we have no control," he said.

He also highlighted provisions that would allow banks to expand their involvement with stablecoins and crypto services.

Armstrong said, "The bill even contains many pages of new authorities for banks to integrate stablecoins and crypto and grow their business, which we strongly support."

"This is about America getting back to winning, and remaining strong as a financial and technology hub, to create economic growth, jobs, and tax revenue," he added.

CLARITY Act Faces Crypto Oversight Debate

Earlier, Sen. Bernie Sanders (I-Vt.), crypto critic Ben McKenzie, and JPMorgan Chase raised concerns about the proposed CLARITY Act, warning that clearer crypto rules must not come at the expense of investor protections and regulatory safeguards.

Sanders and McKenzie urged lawmakers to oppose the bill, arguing it could weaken oversight by shifting authority from the Securities and Exchange Commission (SEC) to the Commodity Futures Trading Commission (CFTC).

McKenzie had criticized crypto as largely speculative and claimed the industry primarily benefited insiders, exchanges, and token issuers.

Meanwhile, JPMorgan had supported establishing a crypto regulatory framework but had warned that stablecoins and yield-generating products could create risks without proper safeguards.

The bank had said regulatory clarity needed to be paired with strong consumer protections.

The CLARITY Act gained attention as lawmakers sought to resolve years of uncertainty over crypto oversight in the U.S.

The bill had aimed to define regulatory responsibilities and provide clearer rules for digital asset companies as institutional interest in crypto continued to grow.