Add ZyCrypto News On Google
Coinbase CEO Brian Armstrong has voiced support for U.S. Treasury Secretary Scott Bessent’s call urging Congress to move quickly on the much-awaited Digital Asset Market Clarity Act, signaling a change of view after the leading American crypto exchange had earlier declined to back previous versions of the bill due to concerns over key stablecoin provisions.
Armstrong took to X on April 10 to publicly support calls to pass the bill, responding to Scott Bessent’s appeal for Congress to act swiftly on digital asset regulation.
“We agree. Thank you, Treasury Secretary Scott Bessent, for saying it. It’s time to pass the Clarity Act,” Brian Armstrong wrote, adding that he is “grateful for all the bipartisan work from senators and staff over the past several months to make this a strong bill.”
The comments came after an op-ed by Scott Bessent in the Wall Street Journal, where he argued that “digital asset rules need clarity” and urged lawmakers to move forward with legislation designed to create a formal regulatory framework for crypto markets in the U.S., including stablecoins.
“Congress has spent the better part of half a decade trying to pass a framework to onshore the future of finance,” Bessent said on X while promoting the opinion piece. “Senate time is precious, and now is the time to act.”
 
Senate Hearing Looms as CLARITY Act Gains Momentum
Brian Armstrong’s latest remarks signal a shift in stance for Coinbase, which had previously held back support for earlier versions of the Clarity Act.
As ZyCrypto reported earlier this year, the exchange suddenly withdrew support for the Senate’s market structure bill amid ongoing disputes over stablecoin provisions, especially those related to yield, before those concerns were addressed.
Earlier this month, Coinbase chief legal officer Paul Grewal said the CLARITY Act may be approaching a markup hearing in the U.S. Senate Banking Committee, with lawmakers reportedly close to a consensus on key provisions. He added that final progress depends on resolving remaining disagreements over stablecoin yield rules.
Meanwhile, Brad Garlinghouse and other Ripple executives continue to emphasize that “clarity is always better than chaos,” with Garlinghouse remaining upbeat on the bill’s prospects despite legislative gridlock, recently putting the odds of the Clarity Act passing by the end of April at around 90%.