950,000 contacts with members of Congress. That is the number Stand With Crypto reported on July 22 as its members pressed senators to advance the CLARITY Act, the bipartisan federal digital asset framework that Coinbase CEO Brian Armstrong now says is within weeks of a full Senate floor vote.
Armstrong visited Capitol Hill the same day and told supporters the bill is sitting at «the one-yard line.» He said: «I think in the next few weeks, we have a good chance of getting this bill to the full Senate floor.» The Coinbase-backed advocacy group Stand With Crypto described the legislation as a consumer-focused measure years in the making, urging senators to bring it up for a vote without further delay.
The bill's updated text, released by Senator Cynthia Lummis (R-WY) following negotiations between the Senate Banking and Agriculture committees, would clarify federal oversight of digital assets and add consumer protections. It also carries ethics provisions barring the president, vice president, members of Congress and their spouses from issuing or sponsoring digital assets for personal gain while in office. Officials with existing holdings would need to divest or move them into a qualified blind trust. Those restrictions would expire on January 20, 2029.
Armstrong pointed to the FTX collapse as a concrete case of what happens when rules are absent: customers lose money, bad actors face few consequences, and parts of the industry simply move offshore beyond U.S. regulatory reach. He argued the bill would give law enforcement sharper tools to pursue fraud while keeping crypto companies and their American customers under domestic oversight.
This article is for informational purposes only and does not constitute financial or investment advice.
