Brian Armstrong: Failure of CLARITY Act May Benefit Coinbase

Coinbase CEO Brian Armstrong stated that the US Senate's failure to advance the CLARITY Act could benefit the exchange by limiting competition from major Wall Street firms. While Armstrong acknowledged that the legislation would have benefited the broader industry, he noted that the lack of regulatory clarity keeps traditional financial institutions from entering the market. He also clarified that previous concerns regarding the bill's draft, such as tokenized equities and DeFi developer penalties, had been addressed in the latest version. The procedural vote on September 15 failed to reach the 60-vote threshold required to proceed.