Coinbase CEO: CLARITY Act Will Protect Crypto Users from FTX-Style Collapses

Brian Armstrong, CEO of the cryptocurrency exchange Coinbase, told CBS News that the proposed CLARITY Act will protect ordinary users from market risks by establishing legal clarity. He noted that the current lack of clear rules has harmed many Americans. The bill, scheduled for a Senate vote in September, would place digital asset oversight under the joint jurisdiction of the Securities and Exchange Commission and the Commodity Futures Trading Commission. Armstrong believes these new regulations will enhance U.S. competitiveness and provide law enforcement with tools to combat illicit activity. President Trump has also urged Congress to pass the bill, framing it as a way to keep the U.S. ahead of China in the tech sector. However, critics, including Senator Elizabeth Warren, have raised concerns regarding potential conflicts of interest. Warren argues that the bill does not prevent the Trump family from profiting from their cryptocurrency ventures. While Armstrong pointed to ethics provisions within the bill to address these concerns, critics maintain that these measures are insufficient.