The Office of the Comptroller of the Currency handed Coinbase a national bank trust charter last week — a major regulatory win that came as the crypto exchange’s CEO was ramping up pressure on Congress to finalize long-stalled digital asset legislation.
Armstrong Reverses Course On Clarity Act
Brian Armstrong, who pulled Coinbase’s backing from the Digital Asset Market Clarity Act back in January, is now calling on lawmakers to pass it.
In a post on X, Armstrong said the bill, as it stands after months of negotiation, 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 further delay. Armstrong said Coinbase agreed with the Treasury chief’s position.
We agree. Thank you @SecScottBessent for saying it. It’s time to pass the Clarity Act.
Grateful for all the bipartisan work among Senators and staff over the past several months to make this a strong bill. 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 to the bill’s language, and his withdrawal of support was enough to push Senate Banking Committee members to delay a scheduled markup vote.
Issues around stablecoin yield, tokenized equities, and ethics provisions were among the sticking points holding things up.
Negotiations Inch Toward A Deal
Progress has been slow but appears 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 already approved the bill in January, clearing one of two key hurdles. The Senate Banking Committee has yet to schedule its own markup, which must happen before the full chamber can vote.
Both panels are responsible for different parts of the bill — one covering securities rules, the other commodities regulations.
Getting the bill through will require alignment from both sides of a complicated regulatory divide. Crypto executives and banking industry representatives have all had a hand in shaping the current draft through direct talks with administration officials.
Crypto’s Reach In Washington Continues To Grow
Coinbase is not 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.
Reports indicate Armstrong met personally with US President Donald Trump before Trump publicly called for quick action on crypto market structure rules. Ripple executives have also been part of White House discussions on the bill.
Whether the Senate Banking Committee moves quickly remains to be seen. But with the Treasury Secretary, the White House, and now Coinbase’s CEO aligned behind the legislation, the pressure on Congress to act is real.
Featured image from Thana Prasongsin/Getty Images, chart from TradingView
