Coinbase Vice Chair says Crypto Clarity Act is ‘on the one-yard line’

The crypto industry’s most-wanted piece of legislation might actually cross the finish line this summer. Coinbase Vice Chair Ryan VanGrack described the CLARITY Act as being “on the one-yard line” during an interview on July 10, suggesting the bill that would finally draw bright lines between digital commodities and securities is tantalizingly close to becoming law.

What the CLARITY Act actually does

The bill, formally designated H.R.3633, attempts to answer the question that has haunted crypto since regulators first started paying attention: is this thing a commodity or a security? The answer determines whether the CFTC or the SEC gets to play referee, and the rules of the game change dramatically depending on which agency holds the whistle.

Specifically, the legislation establishes a federal framework that distinguishes between digital commodities, which would fall under CFTC oversight, and investment contracts, which remain in the SEC’s domain.

The bill cleared the Senate Banking Committee back in May 2026, partly facilitated by negotiations around stablecoin yield provisions. A new draft is expected to drop during the week of July 13-17, with Senate leadership reportedly aiming for a floor vote before the August recess.

The messenger matters here

VanGrack’s background includes legal experience and time working with the SEC, which gives his assessment of the bill’s trajectory a bit more weight than your average lobbyist’s talking points. Coinbase has been one of the most aggressive corporate voices pushing for this legislation, with the company’s leadership actively lobbying for terms favorable to the exchange business, particularly around revenue-sensitive provisions.

Coinbase’s lobbying posture has also shifted over time. The company has navigated complicated dynamics around stablecoin provisions, adjusting its public support as the legislative text evolved.

Even analysts tracking the legislation closely only put the odds of enactment within 2026 at approximately 50%. The bill still needs full Congressional approval and a presidential signature, neither of which is guaranteed in the current political environment.

Why this matters beyond Washington

By creating defined categories for digital assets and assigning clear regulatory authority, the bill would give compliance departments at major financial institutions something they desperately need: a rulebook they can actually follow. Banks, pension funds, and asset managers operate under fiduciary obligations that make it nearly impossible to invest in assets with ambiguous legal status.

The stablecoin sector stands to benefit particularly from the bill’s passage. The negotiations around yield provisions that helped push the bill through committee signal that lawmakers are thinking carefully about how stablecoins fit into the broader financial system.

Other jurisdictions, notably the EU with its MiCA framework, have already implemented comprehensive digital asset regulations. The CLARITY Act would represent America’s most serious attempt to reclaim its competitive position in the global digital asset landscape.

The anticipated new draft during the week of July 13-17 will reveal how much the bill has changed since committee markup. If the text holds together through Senate negotiations and reaches a floor vote before the August recess, the momentum could carry it through conference and to the president’s desk before year-end. The 50% enactment probability reflects the uncertainty that remains.

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