Key Insights:
- The Sept. 15 vote could determine whether the CLARITY Act advances in Congress.
- SEC and CFTC rulemaking could provide an alternative regulatory path.
- Coinbase is expanding beyond trading through payments, custody, and agentic finance
Coinbase CEO Brian Armstrong expects the US crypto industry to gain regulatory clarity regardless of the Senate’s Sept. 15 action. He said the SEC and CFTC could advance their own rules if lawmakers fail to move the CLARITY Act forward.
Armstrong sets expectations before senate vote
Armstrong made the comments during a CNBC interview on Sept. 9. He said passage would give the industry a formal legal framework through legislation. However, he argued that failure would not necessarily delay regulatory progress. Armstrong said both federal agencies have indicated readiness to publish crypto rules soon.
He expects regulatory clarity to emerge on Sept. 15 or within several days afterward. The comments came as senators prepare for a closely watched procedural vote.
The CLARITY Act seeks to divide federal oversight between the SEC and CFTC. It would also establish requirements for exchanges, brokers, and other digital asset businesses.
The Sept. 15 vote represents a cloture test rather than final passage. The legislation needs 60 Senate votes to advance toward further debate.
Bipartisan talks narrow remaining disputes
Armstrong said negotiations have produced significant bipartisan movement before the Senate vote. He said lawmakers incorporated hundreds of pages of feedback from both political parties.
He also said Coinbase’s major concerns over the legislation have been resolved. Crypto companies, banks, and law enforcement groups have also supported parts of the proposal, according to Armstrong.
Still, disagreements remain over ethics requirements for elected officials with digital asset holdings. Armstrong said the White House proposed strong restrictions, while Democrats want additional requirements.
Those proposals include mandatory divestment for certain officials. Nevertheless, Armstrong said negotiators appear close to reaching an agreement. Stablecoin provisions remain another major point of contention. Some banking groups argue that the proposed rules could create competitive advantages for crypto companies.
Armstrong rejected that criticism and argued that some opponents have commercial interests. He cited Goldman Sachs, BNY Mellon, and Fidelity among major financial institutions supporting the legislation.
The rules may change the landscape of the crypto market
The regulatory result may impact on the competitive landscape between traditional financial institutions and digital asset companies. Federal clarity would diminish the confusion of which agency would have the power to regulate certain crypto activities.
Additionally, the bill can set more consistent standards for exchanges and brokers. That framework may affect how companies expand products across trading, payments, custody, and other services. Meanwhile, Coinbase continues building businesses beyond conventional crypto trading. Armstrong identified agentic finance as a major future opportunity for the company.
He said more than 90% of roughly 165 million agentic payments have occurred through Base. The infrastructure also relies on USDC and the x402 payment protocol.
The company has increasingly positioned these technologies for software-driven payments. Its strategy reflects a broader push toward financial services operated by autonomous software.
Armstrong maintains bullish Bitcoin outlook
Armstrong also shared his long-term Bitcoin forecast again during the CNBC interview. He said that a Bitcoin price of $400,000 by 2030 still seems like a target. He also stated that Bitcoin is in the bottom of the current market cycle. That view contrasts with investors who remain cautious about the asset’s near-term direction.
Armstrong previously identified regulatory developments as important events for the cryptocurrency market. His latest comments place the Sept. 15 Senate vote among the industry’s most important immediate policy milestones.
The broader business picture remains mixed. Coinbase reported $1.2 billion in revenue, and a $359.5 million net loss, in its second quarter.
The company also continues pursuing diversification as trading conditions fluctuate. Its expansion includes equities, commodities, foreign exchange, stablecoins, institutional custody, and agentic finance.
Conclusion
Coinbase expects the US crypto industry to move closer to regulatory clarity after the Sept. 15 Senate test. Armstrong believes legislation would provide the clearest outcome, but agency rulemaking could still advance without congressional action.
The remaining ethics and stablecoin disputes could shape the bill’s path through the Senate. At the same time, Coinbase is positioning itself for growth across payments and emerging software-driven financial services.
Armstrong’s $400,000 Bitcoin forecast adds a bullish long-term view to an otherwise uncertain regulatory environment. For the industry, the immediate focus now rests on the Senate vote and the regulators’ next steps.
