CLARITY Act Gains Momentum as Coinbase CEO, Treasury Chief, and White House Push for Passage

Key Points Brian Armstrong of Coinbase has reversed his January opposition and now endorses the CLARITY Act Scott Bessent, Treasury Secretary, penned a Wall Street Journal opinion piece calling for immediate congressional action Senate Banking Committee has scheduled a vote on the legislation before April concludes Central dispute centers on stablecoin yield programs and whether exchanges like Coinbase can offer returns to users Senator Cynthia Lummis cautioned this represents the final opportunity for passage until 2030 at the earliest The United States cryptocurrency sector is mounting an intensive campaign to secure congressional approval for the Digital Asset Market Clarity Act, with major industry leaders now rallying behind the proposed legislation following an extended period of legislative stagnation. In a significant policy reversal, Coinbase’s Chief Executive Brian Armstrong declared on X earlier this week that “it’s time to pass the Clarity Act.” This statement marks a dramatic departure from his January position, when he pulled Coinbase’s endorsement, arguing the legislation was unacceptable “as written.” That withdrawal prompted the Senate Banking Committee to postpone a critical markup session. We agree. Thank you @SecScottBessent for saying it. It's time to pass the Clarity Act. Grateful for all the bipartisan work among Senators and staff over the past several months to make this a strong bill. https://t.co/jHoZ1bfLVZ pic.twitter.com/YBKebDkq8B — Brian Armstrong (@brian_armstrong) April 10, 2026 Armstrong characterized the current iteration of the bill—refined through extensive negotiations among legislators, banking institutions, and cryptocurrency firms—as a “strong bill” worthy of support. Treasury Secretary Scott Bessent amplified the administration’s stance through a compelling opinion piece published in The Wall Street Journal this week, urging immediate legislative action. “Senate floor time is scarce, and now is the time to act,” Bessent e...