Coinbase may be softening its stance on U.S. crypto market structure legislation, with CEO Brian Armstrong signaling agreement on the Clarity Act after the crypto exchange previously withheld support for prior versions of the bill over key stablecoin provisions.
On April 10, Armstrong publicly backed calls to pass the bill in response to Treasury Secretary Scott Bessent, who had urged Congress to move quickly on digital asset regulation.
"We agree. Thank you [Treasury Secretary] Scott Bessent for saying it. It's time to pass the Clarity Act," Armstrong wrote, adding that he was "grateful for all the bipartisan work among Senators and staff over the past several months to make this a strong bill."
The exchange followed Bessent’s Wall Street Journal opinion piece arguing that "digital asset rules need clarity" and calling on lawmakers to advance the legislation, which aims to establish a framework for crypto markets, including stablecoins, in the U.S.
Armstrong’s comments mark an evolving stance for Coinbase, which had previously declined to support earlier versions of the bill.
The company withheld backing for the legislation earlier this year as debates over stablecoin provisions — particularly around yield — remained unresolved.
More recently, Coinbase Chief Legal Officer Paul Grewal said the bill was "very close" to reaching an agreement on those issues, hinting at progress behind the scenes.
Armstrong’s remarks could indicate further progress toward alignment with the broader push in Washington. However, Coinbase has not issued a formal policy update.
Meanwhile, U.S. Treasury officials have outlined new proposals targeting anti-money laundering and sanctions risks tied to stablecoin issuers.
Policymakers also continue to weigh how such assets should interact with the banking system.
Even so, the path forward remains uncertain, according to some experts. Analysts at TD Cowen warned that recent White House findings on stablecoins are unlikely to ease political divisions and could complicate efforts to move crypto legislation through Congress.
