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BTC The CLARITY bill faces a Senate closing debate and requires 60 votes to move forward.
Grayscale pointed out that the GENIUS Act, the U.S. Securities and Exchange Commission (SEC) proposals, and the Commodity Futures Trading Commission (CFTC) initiatives all show progress in cryptocurrency regulation that goes beyond the scope of the CLARITY Act itself. At the same time, Coinbase's spot trading revenue weakened, prompting the company to accelerate its expansion into stocks, commodities, foreign exchange and international markets.
CLARITY Bill and Senate vote prospects
Coinbase CEO Brian Armstrong and Grayscale research director Zach Pandl said that even without the CLARITY Act, U.S. cryptocurrency regulation may still make progress. The bill is scheduled for a Senate closing debate vote on September 15 and requires 60 votes to move forward.
Armstrong believes that whether legislation is passed or rules issued by regulators, it will ultimately lead to a clear regulatory framework; while Pandl cited the progress made in multiple cryptocurrency markets as evidence.
The CLARITY Act aims to divide regulatory authority over digital assets to the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). The Republican Party currently has 53 seats in the Senate, so it must obtain the support of Democratic lawmakers to reach the 60-vote threshold.
Armstrong said in an interview with CNBC's Squawk Box Asia that the bill appears to be close to gaining sufficient support. However, lawmakers are still negotiating ethics provisions and other outstanding issues.
The bill was introduced in May 2025 and passed the House of Representatives in July of the same year. According to Pandl analysis, the forecast market has a low assessment of the probability of passing the bill in 2026.
Regulators independently advance encryption rules
Pandl said that the direction of regulation has gone beyond the CLARITY Act itself. He specifically mentioned the GENIUS Act, which established a federal framework for payment stablecoins.
He also cited the SEC's proposed Regulation Crypto Assets, which is expected to open up a clearer path for token financing. A potential "innovation exemption" allows certain securities activities to be relocated to the blockchain.
In addition, proposed transfer agency rules could allow blockchain to serve as the issuer's official ownership record. At the same time, the CFTC has also opened a regulated U.S. market path for perpetual contracts through platforms such as Kalshi and Coinbase.
Pandl pointed out that lawmakers may revisit the CLARITY Act during a lame duck session or in the next Congress. He emphasized that the bill remains crucial to establishing the long-term regulatory authority of the SEC and CFTC.
Coinbase expands its business landscape beyond spot trading
Armstrong said that Coinbase's spot trading activity has declined over the past year. Trading business accounts for approximately half of the company's revenue, with the rest of the revenue coming from stablecoin business and institutional custody services.
The exchange has expanded its business into equities, commodities and foreign exchange, and has established operation centers in the United Arab Emirates and Singapore.
Coinbase reported second-quarter revenue of $1.2 billion, down from $1.5 billion in the same period last year. The company reported a net loss of $359.5 million, compared with a net profit of $1.43 billion in the same period last year. Armstrong attributed some of the financial pressure to weakness in spot trading. Coinbase's share price has fallen nearly 23% so far this year.
