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FollowingThe CLARITY Act has received support from some of the world's largest financial institutions. However, this support was not enough to quell opposition. Coinbase CEO Brian Armstrong discussed the positions of both sides in a recent interview.
Armstrong pointed out that institutions such as Goldman Sachs, Citigroup, New York Mellon, Fidelity and BlackRock have publicly supported the bill. He said the bill would be very beneficial to banks.
He said most banks realize that the bill provides them with new tools to use blockchain technology to expand their businesses. However, the financial industry is not monolithic on this issue.
TODAY: Coinbase CEO Brian Armstrong says that there are banks that are still against the Clarity Act because they “don’t want competition from crypto companies.”pic.twitter.com/a7LDzeg8Mv- Cointelegraph (@Cointelegraph)August 31, 2026
A small number of institutions that are still boycotting
Armstrong acknowledged that some banks remain opposed. He did not whitewash the reasons for his opposition. "They don't want to compete with cryptocurrency companies," he said."They don't want to be forced to pay higher interest rates to their customers." Companies like Ripple have faced resistance from the banking community for applying for a banking license. The video shows that those banks do not want to compete. Armstrong's remarks directly illustrate the nature of the boycott-it is not about protecting consumers or managing systemic risk. According to the CEO, this is purely about protecting market position. He used free market competition as the criterion for judging such behavior. "Competition has made America great," he said. Armstrong said he believed the Senate would not condone such protectionism.
How is the bill progressing?
The CLARITY bill passed the Senate Banking Committee's review in May this year. Since then, the bill has been shelved on the Senate agenda and has not been voted on by the whole house. Senate Majority Leader John Thune filed a motion to close debate before recess in August. A procedural vote is now scheduled for September 15, when the Senate resumes. The bill needs 60 votes to pass the closing debate threshold, which means bipartisan support is needed. Senator Tim Scott has publicly said the bill will become law.
Key node in September
Armstrong's comments came at a critical moment. The September 15 vote will be the next concrete test of whether the bill has enough support to move forward. Senator Loomis has publicly refuted Wall Street's widespread opposition to the bill and revealed the support of major agencies. Armstrong's remarks reinforced this view. The opposition he described in the banking industry did not represent industry consensus, but rather a small group of people opposed legislation that most major institutions had accepted. Armstrong made clear he expected the Senate to recognize the difference. The September 15th vote will reveal whether that expectation can be realized.
