The Office of the Comptroller of the Currency last week handed Coinbase a national bank trust charter — a major regulatory victory that came as the crypto exchange’s CEO ramps up pressure on Congress to unwind long-stalled digital assets legislation.
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Armstrong reverses course on Clarity Act
Brian Armstrong, who pulled Coinbase’s support from the Digital Asset Market Clarity Act in January, it is now calling on lawmakers to approve it.
In a post on X, Armstrong said the bill, as it stands after months of negotiations, is strong enough to move forward. “It’s time to pass the Clarity Act,” he wrote.
His change of heart follows an op-ed by US Treasury Secretary Scott Bessent in the Wall Street Journal, in which Bessent urged Congress to act without delay. Armstrong said Coinbase agreed with the Treasury Department’s position.
We agree. Thank you @SecScottBessent because you say so. It’s time to pass the Clarity Act.
Grateful for all the bipartisan work of Senators and staff over the past few months to make this bill a strong one. https://t.co/jHoZ1bfLVZ pic.twitter.com/YBKebDkq8B
— Brian Armstrong (@brian_armstrong) April 10, 2026
Three months ago the story looked very different. Armstrong had objected consistent with the bill’s language, and his withdrawal of support was enough to prompt members of the Senate Banking Committee to postpone a planned markup vote.
Issues surrounding stablecoin yields, tokenized equity and ethics provisions were among the sticking points keeping things afloat.
Negotiations are moving towards a deal
Progress is slow but seems to be moving. Coinbase’s chief legal officer, Paul Grewal, said last week that lawmakers were very close to reaching an agreement.
The Senate Agriculture Committee approved the bill back in January, clearing one of the two major hurdles. The Senate Banking Committee has yet to plan its own increase, which must happen before the full chamber can vote.
Both panels are responsible for different parts of the bill: one concerns securities regulations, the other concerns commodity regulations.
Getting the bill through will require alignment on both sides of a complicated regulatory divide. Crypto executives and banking industry representatives have all had a hand in shaping the current design through direct conversations with government officials.
Crypto’s reach in Washington continues to grow
Coinbase isn’t the only company that has benefited from a friendlier political climate. Paxos, Ripple Labs, BitGo, Circle and Fidelity Digital Assets all received similar charter approvals in December.
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Reports indicate Armstrong met privately with US President Donald Trump before Trump publicly called for swift action cryptocurrency rules for market structure. Ripple executives also participated in the White House discussions about the bill.
Whether the Senate Banking Committee takes action quickly remains to be seen. But with the Treasury Secretary, the White House and now the CEO of Coinbase supporting the legislation, the pressure on Congress to act is real.
Featured image by Thana Prasongsin/Getty Images, chart from TradingView