Coinbase CEO Brian Armstrong has backed the latest version of the Digital Asset Market Clarity Act before the Senate Banking Committee’s Thursday markup.
His comments mark another shift in the long-running debate over U.S. crypto market rules. Armstrong said the bill is now in its strongest position after months of talks between lawmakers, banks and crypto firms.
Meanwhile, the main change centers on stablecoin yield. Armstrong said banking and crypto groups reached a “healthy compromise” brokered by Senators Thom Tillis and Angela Alsobrooks. He said both sides left talks partly unhappy, but reached terms they could accept.
The revised draft bars passive yield paid only for holding stablecoins. However, it still allows activity-based rewards tied to payments, platform use and real crypto network activity. Earlier reports noted that this issue helped stall the bill in January after Coinbase rejected the earlier version.
Revised draft adds DeFi and CFTC changes
Armstrong also said the latest CLARITY Act text improved language around decentralized finance, tokenized stocks and the Commodity Futures Trading Commission’s role in crypto markets. These were among the same issues Coinbase raised when it opposed the earlier Senate draft.
The Senate Banking Committee released a 309-page revised draft before the markup. The text also includes language tied to non-custodial developers and infrastructure providers, which could shape how DeFi builders are treated under federal law.
Polling adds pressure before markup
The markup comes with more than 100 amendments attached to the Senate crypto market structure bill. Lawmakers are expected to debate changes covering stablecoin rules, developer protections, ethics provisions and enforcement before deciding whether to advance the bill.
A HarrisX poll also showed public support for the CLARITY Act across party lines. The survey of 2,008 registered U.S. voters found that 52% supported the bill, while 11% opposed it. The poll showed net support among Democrats, Republicans and independents.
The crypto ownership backdrop also gives lawmakers a wider audience to consider. The National Cryptocurrency Association’s 2025 report, based on 54,000 U.S. residents, found that about 20% of Americans own crypto. It also found that 67% of owners are under 45, while 52% use crypto as an investment.
