The Office of the Comptroller of the Currency handed Coinbase its National Bank Trust Charter last week — a major regulatory win that came as the cryptocurrency exchange’s CEO was ramping up pressure on Congress to finalize the long-stalled digital asset. legislation.
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Armstrong reverses course on the law of clarity
Brian Armstrong, who pulled Coinbase support from the digital asset market The law of clarity Back in January, he is now calling on lawmakers to pass it.
In a post on X, Armstrong said the bill, in its current form after months of negotiations, is strong enough to move forward. “It is time to pass the Clarity Act,” he wrote.
His change of position follows an op-ed written by US Treasury Secretary Scott Bescent in the Wall Street Journal, in which Bescent urged Congress to act without further delay. Armstrong said Coinbase agreed with the Treasury Secretary’s position.
We agree. Thank you @SecScottBessent For saying. It is time to pass the Clarity Act.
Grateful for all the bipartisan work done by Senators and staff over the past few months to make this bill strong. https://t.co/jHoZ1bfLVZ pic.twitter.com/YBKebDkq8B
– Brian Armstrong (@brian_armstrong) April 10, 2026
Three months ago, the story looked very different. It was Armstrong object According to the bill’s language, the withdrawal of support was enough to prompt members of the Senate Banking Committee to delay the scheduled marginal vote.
Issues around stablecoin returns, token shares, and ethical judgments were among the sticking points that held things back.
Negotiations are moving towards reaching an agreement
progress It was slow but seemed to be moving. Paul Grewal, chief legal officer at Coinbase, said last week that lawmakers were very close to reaching an agreement.
The Senate Agriculture Committee actually approved the bill last January, removing one of two major hurdles. The Senate Banking Committee has not yet set its own markup, which must happen before the full Senate can vote.
Both teams are responsible for different parts of the bill – one covering securities rules, the other covering commodities regulations.
Approval of the draft law will require alignment between the two sides in light of a complex regulatory division. Cryptocurrency executives and banking industry representatives had a role in shaping the current draft through direct conversations with administration officials.
The reach of cryptocurrencies in Washington continues to grow
Coinbase isn’t the only company to benefit from the friendlier political climate. Paxos, Ripple Labs, BitGo, Circle, and Fidelity Digital Assets all received similar approvals in December.
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Reports indicate that Armstrong personally met with US President Donald Trump before publicly calling on Trump to take swift action on the matter encryption Market structure rules. Ripple executives were also part of White House discussions on the bill.
It remains to be seen whether the Senate Banking Committee moves quickly. But with the Treasury Secretary, the White House, and now the CEO of Coinbase standing behind the legislation, the pressure on Congress to act is real.
Featured image by Thana Prasongsin/Getty Images, chart from TradingView
