Brian Armstrong: CLARITY Act Failure Could Benefit Coinbase

A stalled bill may leave Coinbase with breathing room, but Armstrong acknowledged that the outcome is not necessarily good for the industry. Coinbase CEO Brian Armstrong believes the US Senate’s failure to advance the CLARITY Act could benefit his exchange by keeping major Wall Street firms from entering the crypto market under clearer rules. The crypto executive still argued that the legislation would have helped the wider industry, even as he acknowledged that Coinbase could face less competition without it. A Passed Bill Would Mean More Competition In a September 20 interview with Scott Melker, the Coinbase chief explained that the bill’s failure could have a mixed effect on the company. While regulatory clarity could attract more traditional financial institutions to crypto, it would also open the door to new competitors. “Every major financial services company in the world would have started integrating crypto with regulatory clarity. We would have had tons more competition,” Armstrong noted. “So in a way, honestly, it arguably could even be better for us to go under this path, because we’re one of the few companies who’s willing to go through that.” The executive also revisit...