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FollowingCLARITY Act has received public support from major financial institutions, and industry giants support
The CLARITY Act has received public support from many leading financial institutions, demonstrating the strong endorsement of major industry participants. Despite its momentum, the legislation still faces opposition from some groups. Brian Armstrong, CEO of Coinbase, the largest cryptocurrency exchange in the United States, talked about support and opposition in a recent interview.
Large institutions support the bill
Armstrong pointed to Goldman Sachs, Citigroup, Bank of New York Mellon, Fidelity and BlackRock as key supporters of the CLARITY bill, and said these financial giants have publicly supported the legislation. He described the bill as a positive development for banks that want to use blockchain technology to expand services.
According to Armstrong, most banks recognize the potential benefits of the bill. He believes that these institutions see the regulatory clarity the bill provides for the integration of digital assets and blockchain, bringing new opportunities for business growth and innovation.
"Most banks support the bill because it provides them with new tools to use blockchain to grow their businesses," Armstrong said,"but a minority still opposes it because they 'don't want competition from cryptocurrency companies."
Minority opposition
Armstrong stressed that opposition came from a small number of banks that wanted to protect existing market positions, rather than concerns about consumer interests or system stability. He explained that these banks tend to avoid direct competition with digital asset companies and are resistant to potential changes that could force them to offer higher interest rates to customers.
He mentioned companies such as blockchain-based payment provider Ripple, which had encountered resistance from some banks when applying for banking licenses. Armstrong believes that the core of this resistance lies in exclusion from competition rather than real regulatory or financial concerns.
Armstrong invoked the principle of free market competition and said such behavior should be evaluated accordingly. He predicted that the Senate would not support protectionist measures to isolate traditional banks from cryptocurrency companies.
Armstrong expressed confidence that the Senate would not allow protectionism to hinder innovation, noting that the United States has historically encouraged competition.
Legislative progress and upcoming votes
The CLARITY bill passed the Senate Banking Committee in May and has since been awaiting a full Senate vote. Senate Majority Leader John Thune filed a closing debate motion before the August recess, paving the way for a procedural vote when the Senate resumes on September 15.
The bill requires at least 60 votes to pass the closing debate threshold, so bipartisan support is crucial. Senator Tim Scott has publicly said he expects the bill to become law. Senator Cynthia Loomis also highlighted the support of large Wall Street companies for the legislation, refuting widespread opposition in the financial community.
The outcome of the September 15 vote will determine whether the Senate advances the bill, which could open the door to wider adoption of blockchain technology in the U.S. banking system.
Small Dictionary
CLARITY Act: U.S. legislation designed to provide clear regulatory rules for digital assets, promote banks to integrate blockchain technology, and reduce legal uncertainty for traditional businesses and cryptocurrency companies by developing industry regulatory guidelines.
Armstrong reiterated that the opponents represent only a minority in the banking industry. He made clear that most major financial institutions have expressed support for regulatory clarity and technological innovation.
Institutions 'Position on CLARITY
Goldman Sachs: Support; Citigroup: Support; Bank of New York Mellon: Support; Fidelity: Support; BlackRock: Support; Certain Other Banks: Oppose.
Market observers are closely watching the key Senate vote as an important turning point that will affect the future regulatory environment for traditional banks and cryptocurrency companies.
