Ryan VanGrack, Coinbase Vice Chair, told CNBC on July 20 that the Clarity Act has gained “tremendous momentum” in the Senate, citing a spring committee vote and recent presidential support as signs the bill is advancing toward a floor vote.
The Senate Banking Committee advanced the bill in a 15-9 vote this spring, with two Democrats crossing over to support it. President Trump posted on Truth Social last week backing the measure and calling on the Senate to pass it before the August recess, framing the stakes in terms of competition with China.
“It’s not about no regulation. This is about imposing regulation on the industry for the first time,” VanGrack said in the CNBC “Squawk Box” interview. He added that Democrats have secured concessions strengthening consumer protections, including an illicit-finance framework, closure of an “FTX loophole,” insider-trading safeguards, and added disclosures.
Remaining hurdles
The bill still faces a 60-vote threshold in the Senate, a central hurdle for passage. House members have urged the Senate to act before the August recess. The House passed its version of the Clarity Act last year.
VanGrack framed the bill as necessary infrastructure regardless of one’s stance on crypto. “In the absence of clarity, you do not have a federal oversight and framework. So whether you love crypto or hate crypto, you should want” the Clarity Act, he said.
Industry backing and institutional adoption
VanGrack cited Citadel Securities as making a large investment in the crypto economy, citing it as evidence that major institutions are trending toward crypto adoption. He noted that “not a week goes by” where a firm fails to announce a new crypto project or investment.
JPMorgan and Coinbase announced a partnership to widen crypto access. JPMorgan has moved to accept bitcoin as loan collateral and to let clients trade it.
The push for federal regulation faces opposition from JPMorgan Chief Jamie Dimon, who has declared war on the Clarity Act and has insulted Coinbase CEO Brian Armstrong. Dimon’s stance contrasts with his own institution’s crypto moves and with VanGrack’s argument that crypto adoption by traditional finance is inevitable.
VanGrack said Democrats have obtained meaningful concessions. “Across the board, the Democrats have obtained meaningful concessions to make what was already a strong consumer protection bill that much stronger,” he said.
