Coinbase CEO Brian Armstrong has stated that the U.S. cryptocurrency industry will still receive regulatory clarity even after the Senate failed to advance the Digital Asset Market Clarity Act.
In a post on X shortly after the vote, Armstrong expressed disappointment but made it clear that the industry would not remain stalled. He noted that the congress can’t be waited upon anymore, while stating that the SEC and CFTC have the tools needed to create clear rules under existing authority.
He wrote,
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“The CLARITY Act didn’t advance in the Senate today, which was a disappointment. While it’s possible bi-partisan conversations continue and it lives to fight another day, we can’t wait on Congress anymore. The SEC and CFTC have the tools they need to create clear rules under existing authority, and I expect will begin working on this in earnest. So clarity is coming to crypto regardless.
“And of course GENIUS is already the law of the land for stablecoins, which is even more permissive on rewards. There were some concessions we made on CLARITY that were tough to swallow, so perhaps it’s for the best. Crypto can’t be uninvented. With clarity emerging through the regulators, we’ll continue updating the financial system.”
His comment comes after the U.S Senate vote on the motion to invoke cloture for H.R. 3633, known as the CLARITY Act, ended 49-50, falling short of the 60 votes required to advance the legislation.
According to report, no Democrats supported advancing the legislation. The vote also highlighted that the disagreement was not entirely partisan.
Four Republican senators joined Democrats in opposing the procedural motion. Notably, Senator Thom Tillis, who voted against advancing the measure, reportedly switched his vote in a way that preserves the possibility of bringing the legislation back for reconsideration.
Armstrong had anticipated the possibility of failure in the days leading up to the vote. In interviews, he argued that the industry would benefit either way, passage would deliver legislation, while failure would prompt the SEC and CFTC to move forward with their own rulemaking.
He noted that both agencies had indicated readiness to publish rules and that key concerns previously raised by Coinbase had largely been addressed in negotiations. Ethics provisions governing elected officials’ holdings of digital assets remained a point of contention in the final days.
In his post-vote comments, Armstrong struck a pragmatic tone. He acknowledged that bipartisan discussions could continue and that the bill might return, but he emphasized that progress could no longer depend solely on Congress.
He pointed to the already-enacted GENIUS Act, which provides a framework for stablecoins and is more permissive on rewards than some provisions considered in the CLARITY Act.
Armstrong also noted that Coinbase and the industry had made concessions during negotiations that were difficult, suggesting the current outcome might ultimately prove preferable in some respects. “Crypto can’t be uninvented,” he wrote. “With clarity emerging through the regulators, we’ll continue updating the financial system.”
The CLARITY Act aimed to create the first comprehensive federal framework for digital assets in the United States. It sought to clarify the division of oversight between the Securities and Exchange Commission and the Commodity Futures Trading Commission, establish clearer rules for exchanges and market participants, and address issues such as stablecoins and consumer protections.
The House had passed an earlier version of the bill in 2025. Supporters, including many in the crypto industry and some Republicans, viewed it as essential for bringing institutional capital into the sector and keeping innovation in the United States rather than pushing it overseas.
However, the failure of the cloture vote effectively places comprehensive market-structure legislation on hold for the remainder of the current Congress, with lawmakers preparing to leave Washington ahead of the November midterm elections.
Industry observers note that regulatory agencies already have authority under existing securities and commodities laws to issue interpretations and rules that could reduce uncertainty for exchanges, token issuers, and investors.
Armstrong’s message reflects a broader shift in the crypto sector’s approach. After years of lobbying for explicit congressional legislation, companies are increasingly prepared to work with the SEC and CFTC to achieve workable rules.
While legislative action would provide more durable clarity across future administrations, agency-level rulemaking offers a nearer-term path forward.
The coming weeks and months will show how quickly the regulators move and whether any revived bipartisan effort on Capitol Hill can regain momentum.