Brian Armstrong Disputes WSJ Blame Over CLARITY Act Failure

Coinbase CEO Brian Armstrong disputes claims linking Coinbase to the CLARITY Act’s Senate failure after the exchange backed the revised bill

Coinbase CEO Brian Armstrong said The Wall Street Journal is preparing a story that would blame Coinbase and him personally for the failure of the CLARITY Act, while arguing that the exchange supported the latest version of the legislation after lawmakers addressed its earlier concerns.

Armstrong made the comments in a post on X after the U.S. Senate failed to advance the crypto market-structure bill on Sept. 15. The legislation received 49 votes in favor and 50 against in a procedural vote, falling short of the 60 votes required to move forward.

Armstrong Says Coinbase Supported Revised Bill

Armstrong said Coinbase had opposed an earlier version of the legislation in January because of concerns involving decentralized finance, tokenization, Commodity Futures Trading Commission authority and stablecoin rewards.

He said those concerns were subsequently addressed in the revised bill and that Coinbase supported the latest version.

In a Sept. 17 interview with Yahoo Finance, Armstrong similarly said the most recent draft was a bill he considered acceptable after the Senate incorporated changes addressing the four issues Coinbase had raised.

The comments come as debate continues over why the CLARITY Act failed to advance. The Senate vote followed months of negotiations between lawmakers over issues including digital-asset market structure, stablecoin rewards and ethics provisions involving government officials with cryptocurrency interests.

Senate Vote Leaves Legislation Stalled

The CLARITY Act failed to clear the Senate's procedural hurdle on Sept. 15, when lawmakers voted 49-50 on whether to advance the legislation. At least 60 votes were needed.

The Wall Street Journal separately reported that the bill's defeat followed disagreements over ethics provisions, stablecoin rewards and other provisions affecting the digital-asset industry. The newspaper reported that Democrats and Republicans remained divided over restrictions involving President Donald Trump and other officials with financial interests in crypto, as well as concerns raised by banks about stablecoin rewards.

Armstrong's comments specifically challenge the idea that Coinbase's earlier opposition was responsible for the Senate's failure to advance the bill. He argued that opposing the January draft was part of the legislative process and that subsequent negotiations produced a version that addressed Coinbase's stated concerns.

Armstrong Says Market Will Move Without the Act

The Coinbase chief executive also said the cryptocurrency market would continue regardless of whether the CLARITY Act becomes law.

That position is consistent with comments Armstrong made shortly after the Senate vote. He said the industry could no longer wait for Congress and pointed to the Securities and Exchange Commission and Commodity Futures Trading Commission as alternative avenues for establishing clearer rules.

The Senate setback has therefore shifted attention toward regulatory action outside Congress. Former CFTC Chairman J. Christopher Giancarlo has also said the failure of the legislation would not necessarily stop work by federal regulators on cryptocurrency rules.

For Armstrong, the immediate issue is no longer solely whether Congress advances the bill, but how U.S. crypto regulation develops through other channels while the legislation remains stalled.

writer: Ethan Collins
Crypto Journalist
Ethan Collins reports on developments across the cryptocurrency and blockchain sector. His work covers market movements, protocol updates, regulatory changes, and emerging trends in digital assets.
He focuses on presenting complex topics in a clear and accessible manner for a broad readership.