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FollowingSignificant changes in digital asset regulation in the United States may soon occur. Brian Armstrong, CEO of Coinbase, identified two possible outcomes that will shape the future of the industry. [TAG
Congress or regulators will make a decision
Armstrong's comments came after CFTC Chairman Mike Selig revealed that if Congress delays action, he plans to use the agency's existing legal authority to create new rules for the crypto asset market. [TAG
Selig criticized the continuing legislative gridlock, blaming Democratic resistance for delays in the CLARITY bill. He said the CFTC has a responsibility to establish a sound crypto regulatory framework for the American public and pledged to support President Donald Trump's initiative to clarify market structures for digital assets.
Armstrong highlighted two scenarios for achieving regulatory clarity: "The Senate receives more than 60 votes on September 15, or the CFTC and SEC introduce a set of new rules on September 16."
Selig details the CFTC's rule-making plan
Selig said in a video that he has instructed CFTC staff to explore developing rules under existing mandates aimed at establishing a comprehensive market structure for crypto assets.
According to Selig, the proposed framework may allow existing registrars and some unregistered crypto exchanges to obtain special designation as a "crypto asset market." This would authorize these platforms to provide leveraged and margin trading of digital assets under the supervision of the CFTC.
Selig added that he has encouraged staff to consult with developers of online financial agreements to develop compliant operating models within the United States aimed at increasing legal certainty and enhancing investor protection.
However, Selig stressed that the CFTC will wait until the CLARITY bill enters the Senate vote stage. If lawmakers fail to pass what he calls a bipartisan version of the bill, he plans to move forward quickly and initiate new rules independently.
Concise Dictionary: The CLARITY Act is a proposed U.S. legislation designed to provide a statutory framework for the regulation and supervision of crypto and digital asset markets to clarify roles and responsibilities among federal regulators.
September became a key node in U.S. crypto regulation
As the leader of Coinbase, the largest listed crypto exchange in the United States, Armstrong responded directly to Selig's public comments. He pointed out that September 15 may be the date for the Senate to approve the CLARITY bill. If the proposal is not passed, Armstrong said September 16 would be the earliest date for the CFTC and the Securities and Exchange Commission to issue new regulatory rules.
Armstrong's comments reflect the industry's expectation of decisive policy advancement through legislative or regulatory action after months of intense policy debate and uncertainty.
Armstrong said federal regulators do not have to rely entirely on Congress and can use existing powers to bring greater transparency and predictability to the digital asset market.
For industry participants, the results could shape the legal environment for years to come. Legislation will provide the legal basis, while immediate development of rules will rely on existing legal authority from regulators.
Path contrast
Market participants and legal observers view the upcoming Senate vote and possible institutional action as key nodes that could significantly change the future of U.S. crypto regulation. The two regulatory paths each have different timetables and levels of legal protection, but both aim to bring more certainty to the industry.
