Senate votes on Digital Asset Market Clarification Act, Coinbase CEO predicts industry victory

The U.S. Senate will hold a key procedural vote on the Digital Asset Market Clarity Act, the industry outlook is clear

On September 15, the U.S. Senate will hold a key procedural vote on the Digital Asset Market Clarity Act. The move is expected to pave the way for the most significant federal cryptocurrency regulatory reform to date. The proposal aims to clarify compliance standards for crypto exchanges, brokers and stablecoin issuers, and to clearly define the boundaries between tokens that are considered securities and tokens that are processed as commodities.

Regulatory Framework and Market Outlook

Brian Armstrong, CEO of Coinbase, one of the world's largest cryptocurrency exchanges, shared his views in a recent interview with CNBC. Armstrong predicts that regardless of the outcome of this vote, the entire industry will benefit. He pointed out that if the bill fails to pass Congress, federal agencies have promised to establish clear rules.

"If the bill succeeds, it will be excellent-we will have sound legislation; if the bill fails, the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have also committed to issuing their own regulatory frameworks."

The Clarification Act proposes a dual regulatory agency system: the U.S. Securities and Exchange Commission (SEC) will regulate tokens that are considered securities, while the Commodity Futures Trading Commission (CFTC) will regulate digital assets classified as commodities, such as Bitcoin.

Armstrong noted the bill's bipartisan momentum, noting that law enforcement, traditional financial institutions and companies focused on the crypto space have expressed support. He said Coinbase's previously expressed concerns have now been addressed in the text of the bill.

Currently, additional ethics issues surrounding members of Congress holding digital assets are still under discussion. The White House has submitted an ethics framework, while Democratic senators advocate stricter measures, including mandatory divestments. Armstrong described negotiations between the parties as getting closer to reaching consensus.

Treasury Secretary Scott Bessent has publicly called for legislation to update digital asset regulation and strengthen crackdowns on abuse. As the department responsible for overseeing federal economic and financial policy, the Treasury Department plays an important role in urging Congress to take action to modernize regulations in the cryptocurrency space.

Noun explanation:

Commodity Futures Trading Commission (CFTC): A U.S. government agency responsible for regulating the derivatives market, including futures and some digital assets that are considered commodities.

Political lobbying intensified

Banking and crypto industry organizations stepped up lobbying during the congressional recess. Stand With Crypto, a nonprofit group backed by Coinbase, reported that nearly 50,000 voters contacted lawmakers last month alone. The advocacy group has organized public events in places such as Iowa, Michigan and Georgia to build support for clear digital asset regulation.

At the same time, the Independent Community Bankers of America, the major industry association representing small and medium-sized banks in the United States, focused on communicating with senators on the bill's provisions on stablecoins. The group argued that the proposed framework could cause digital currencies to withdraw deposits from traditional banks, potentially weakening their ability to lend.

Democratic lawmakers insist that any bipartisan agreement must include strict anti-money laundering and ethics provisions. If the final legislation moves forward, it will need a super majority of 60 votes in the Senate.

Armstrong responded to criticism from some bank executives, including JPMorgan CEO Jamie Dimon, who argued that the proposed legislation gave Coinbase an unfair advantage. Although Armstrong did not name Dimon, he suggested that such objections came from large payments industry players and were intended to preserve his market position. He cited support from large financial institutions such as Goldman Sachs, BNY Mellon and Fidelity as evidence of strong institutional support.

Base ecosystem adoption and price expectations

Armstrong also emphasized Coinbase's strong position in agency finance, pointing out that more than 90% of agency payment transactions use Base for settlement. Base is the company's proprietary blockchain network designed specifically for decentralized applications.

On the outlook for digital assets, Armstrong reiterated his bullish expectations that Bitcoin could reach $400,000 by 2030, and hinted that the cryptocurrency has found a cyclical low in the current economic cycle.

Although the upcoming Senate vote is only a procedural step, analysts believe the decision will determine whether comprehensive legislation can advance during this congressional session or face a new round of delays.