Coinbase Prepares SEC and CFTC Fallback as CLARITY Act Faces Sept. 15 Senate Vote
Executives at the Goldman Sachs Communacopia & Technology Conference revealed that Coinbase is formulating backup strategies for U.S. cryptocurrency regulations in case the CLARITY Act does not pass in Congress. CFO Alesia Haas identified three avenues for achieving clarity: legislative action, federal agency involvement, and judicial decisions. Should the bill falter, Coinbase is optimistic about prospects with the SEC and CFTC, highlighting initiatives by SEC Chair Paul Atkins and CFTC Chair Michael Selig. The Senate is set to vote on September 15, needing 60 votes for the bill, which seeks to define the roles of the SEC and CFTC. Senator Cynthia Lummis cautioned that a failure could postpone reforms for years. CEO Brian Armstrong is hopeful about corporate adoption, predicting Bitcoin could reach $400,000 by 2030.
Key facts
- Coinbase CFO Alesia Haas identified Congress, federal agencies, and the courts as three paths to crypto regulatory clarity
- The Senate is scheduled to hold a cloture vote on the CLARITY Act on Sept. 15, requiring 60 votes to advance
- Haas praised SEC Chair Paul Atkins and CFTC Chair Michael Selig for pursuing crypto rulemaking without waiting for Congress
- Sen. Cynthia Lummis warned that failure to advance market-structure legislation this Congress could delay comprehensive reform for years
- Coinbase President and COO Emilie Choi said the company never has to roll back its ambitions and can launch products within the existing framework
- CEO Brian Armstrong cited the GENIUS Act, saying more than 150 large companies integrated stablecoins within three months of its passage
- Armstrong has described $400,000 Bitcoin by 2030 as a reasonable target
- Senate Republicans released updated CLARITY Act language addressing decentralized finance and compliance requirements ahead of the vote
Entities
Artists
- Alesia Haas
- Paul Atkins
- Michael Selig
- Cynthia Lummis
- Emilie Choi
- Brian Armstrong
Institutions
- Coinbase
- SEC
- CFTC
- Congress
- Senate
- Yahoo Finance
- Goldman Sachs
- NFT Plazas
Locations
- United States
- Washington