In the slow arithmetic of lawmaking, the Senate has once again stepped back from a long-awaited rulebook for digital assets, and the pause is now measured in weeks rather than days. Coinbase's chief executive, Brian Armstrong, received the delay with disappointment yet insisted that the technology itself moves on regardless of the congressional calendar, as stablecoins spread, tokenized assets grow, and more people reach for crypto. The bill, known as the CLARITY Act, would divide oversight between the SEC and the CFTC and set the terms for stablecoin rewards, but the question that holds it in
Armstrong Says Crypto Momentum Continues as CLARITY Act Vote Slips to September
Momentum grows "with or without a congressional calendar"
Mark
Why does a delay of a few weeks matter enough for the Coinbase CEO to comment?
Mimi
Because the bill decides who regulates what. It splits oversight between the SEC and the CFTC, and companies are waiting on that answer.
Luke
Worth noting Armstrong has an interest here. His claims about growing adoption and consumer use come without figures in this reporting.
Mark
What does the bill do about stablecoins?
Mimi
It generally bars yield for simply holding them, but activity-based rewards like payments, staking or loyalty programs could stay, if they don't resemble bank deposit interest.
Mark
And the ethics piece?
Mimi
Officials and spouses couldn't issue or sponsor tokens for compensation in office. The limits would expire in January 2029.
Luke
The talks over Trump's crypto business interests are described as ongoing. Nothing here says what compromise is on the table.
Mark
So September is firm?
Luke
Not quite. Thune promised the bill would be queued first, but a floor vote isn't a passage, and the ethics dispute is still unresolved.
Mimi
Right. The date is a commitment to consider it, not a guarantee of an outcome.
O Pulso
- The Senate failed to advance the CLARITY Act this week, leaving a major crypto framework stalled at the threshold of a floor vote.
- Coinbase's Brian Armstrong called the setback disappointing while insisting that stablecoin use, tokenized assets and consumer adoption keep expanding without Congress.
- Majority Leader Thune has promised the bill will be the first item queued when the Senate returns, pushing the next real test into September.
- Negotiators are locked in a tense dispute over ethics language that would restrict officials from issuing tokens for pay, with President Trump's crypto business interests at the center.
- The outcome hinges on whether the ethics talks produce a deal that satisfies Democrats and the White House before the floor vote.
In the slow arithmetic of lawmaking, the Senate has once again stepped back from a long-awaited rulebook for digital assets, and the pause is now measured in weeks rather than days. Coinbase's chief executive, Brian Armstrong, received the delay with disappointment yet insisted that the technology itself moves on regardless of the congressional calendar, as stablecoins spread, tokenized assets grow, and more people reach for crypto. The bill, known as the CLARITY Act, would divide oversight between the SEC and the CFTC and set the terms for stablecoin rewards, but the question that holds it in place is an old and familiar one: how to write rules for public officials who also have private fortunes at stake. The answer is expected to be debated when lawmakers return in September.
The Senate did not advance the CLARITY Act this week, and Coinbase CEO Brian Armstrong responded with disappointment tempered by confidence. In his view, the industry is not waiting on Washington. Regulators are offering more clarity, companies are widening their use of stablecoins, and markets for perpetual futures and tokenized real-world assets continue to grow, with more consumers joining in.
"The momentum behind this technology keeps growing with or without a congressional calendar," Armstrong said.
The calendar now points to September. Majority Leader John Thune has pledged to bring the bill to the floor first when lawmakers return from recess.
The bill aims to set a federal framework for digital assets, splitting oversight between the SEC and the CFTC, with the CFTC taking a lead role over digital commodities. It would also create registration categories for exchanges, brokers, dealers and advisers. Stablecoin rewards are a central piece: passive yield would be barred, while activity-based rewards tied to payments, liquidity, staking and loyalty programs could survive.
What stalls progress is ethics. The White House and senators are still negotiating language that would bar public officials and their spouses from issuing digital assets for compensation while in office, until January 2029. Democrats want stronger safeguards, and talks over President Trump's crypto-related business interests remain unresolved.
Armstrong maintains that Congress still has important work to do, and that clear rules could support investment, jobs and consumer protection. When the Senate returns, the question is whether the ethics talks can reach a deal.
The Senate did not advance the CLARITY Act this week, and Coinbase CEO Brian Armstrong called that disappointing. He was also quick to say the industry is not standing still. In his telling, regulators are offering more clarity, companies are expanding their use of stablecoins, and markets for perpetual futures and tokenized real-world assets keep growing. More consumers, he said, are using crypto too.
"The momentum behind this technology keeps growing with or without a congressional calendar," Armstrong said.
The calendar, for now, points to September. Senate Majority Leader John Thune has committed to bringing the bill to the floor when lawmakers return from recess. He said it would be "queued up first thing when we come back," with consideration now expected next month rather than this one.
The bill is meant to set a federal framework for digital assets and to divide oversight between the Securities and Exchange Commission and the Commodity Futures Trading Commission. The latest Senate draft leans on the CFTC, giving it a lead role over digital commodities. It would create registration categories for exchanges, brokers, dealers and advisers, and it would set rules for qualified digital asset custodians.
Stablecoins occupy a central place in the text. The draft addresses rewards tied to payment stablecoins and generally bars interest or yield paid simply for holding them. Activity-based rewards could survive, though: those connected to payments, remittances, liquidity provision, staking and loyalty programs may remain permitted as long as they are not structured like bank deposit interest. The bill would also give banks and credit unions clearer authority to use digital assets and blockchain technology for activities they are already allowed to conduct.
What is holding things up is ethics. The White House and senators are still negotiating the language. The revised legislation would bar public officials and their spouses from issuing or sponsoring digital assets for compensation while in office, and it would restrict intermediaries from listing tokens issued in violation of that rule. Officials could still hold digital assets as investments under existing disclosure requirements, and the restrictions would expire in January 2029.
Democrats have pushed for additional safeguards, and talks continue over language touching President Donald Trump's crypto-related business interests. These provisions are part of the negotiations that delayed Senate action.
Armstrong argued that Congress still has an important job to do on federal market structure. Clear legislation, he said, could support investment, innovation and employment while giving consumers stronger protections. The thing to watch when the Senate returns is whether the ethics talks, especially over the president's business interests, reach a deal.
Citações Notáveis
The momentum behind this technology keeps growing with or without a congressional calendar.— Brian Armstrong, Coinbase CEO
Queued up first thing when we come back.— Senate Majority Leader John Thune
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