Coinbase CEO Brian Armstrong expects the U.S. crypto industry to gain greater regulatory clarity in mid-September, whether through congressional action on the CLARITY Act or further rulemaking by federal regulators. Armstrong has framed legislation and agency action as two possible routes toward clearer rules for U.S. digital asset markets, while continuing to favor a statutory framework as the more durable outcome.
The next legislative test comes September 15, when the Senate is scheduled to hold a cloture vote on the motion to proceed with H.R. 3633, the Digital Asset Market Clarity Act. The vote requires 60 senators to advance the bill into floor consideration rather than representing final passage, according to the official Senate Daily Press schedule.
Sounds like clarity is coming either way:
1. 60+ votes in the Senate on September 15th
2. Or a new set of rules from the CFTC and SEC on September 16th https://t.co/k1xaG2P4Cg— Brian Armstrong (@brian_armstrong) August 21, 2026
CLARITY Act Faces a Key Senate Test
Armstrong has said the industry could still see regulatory progress if Congress fails to advance the legislation, pointing to work already underway at the Securities and Exchange Commission and Commodity Futures Trading Commission. The regulatory alternative would rely on the agencies’ existing statutory authority rather than creating the comprehensive congressional framework envisioned by CLARITY.
That agency-led path is already developing. In March, the SEC and CFTC jointly clarified how federal securities laws apply to several categories of crypto assets, and the SEC followed in August with proposed Regulation Crypto Assets. Federal regulators are therefore already building parts of a crypto framework even as Congress considers broader market-structure legislation.
The CLARITY Act passed the House in July 2025 by a 294-134 vote. The legislation is designed to establish clearer jurisdictional boundaries between the SEC and CFTC while creating registration and consumer-protection requirements for digital asset intermediaries, according to the House Financial Services Committee.
Legislation Would Offer More Durable Rules
The difference between the two paths is significant. Agency interpretations and rules can clarify how existing laws apply, but legislation can establish authorities and obligations directly in statute. SEC Chairman Paul Atkins has acknowledged that distinction, saying congressional legislation remains important for creating rules durable across future administrations. For Coinbase, statutory clarity would provide a stronger long-term foundation than relying entirely on regulatory interpretation.
Armstrong has also linked clearer regulation with further institutional participation and products such as tokenized equities. The argument is that reduced legal uncertainty could make it easier for financial institutions and crypto companies to deploy products domestically, although regulatory clarity alone does not guarantee additional investment or market growth.
The September 15 vote therefore represents an important procedural milestone rather than an all-or-nothing deadline for U.S. crypto regulation. If CLARITY advances, Congress moves closer to a statutory market-structure framework; if it stalls, the SEC and CFTC still have regulatory initiatives underway within their existing powers.
