Coinbase CEO: Regardless of Whether the Clarity Act Passes, US Crypto Regulation Will Continue to Advance

TechFlow reports that on September 10, according to CNBC, Coinbase CEO Brian Armstrong stated that the Clarity Act, which aims to clarify the regulatory jurisdiction of the SEC and CFTC over digital assets, has received support from multiple senators and is expected to be voted on by the Senate on September 15. He also noted that even if the bill fails to pass, both the SEC and CFTC have indicated they will move forward with rulemaking, stating that regulatory clarity "will come regardless."

On the business front, Coinbase is actively advancing its diversification strategy, extending trading operations into stocks, commodities, and foreign exchange. Non-trading revenue encompasses stablecoins and institutional custody services. The company reported second-quarter revenue of $1.2 billion, a year-over-year decline, along with a net loss of $359.5 million, marking the third consecutive quarter of results below market expectations. Year-to-date, Coinbase's stock price has declined by approximately 23%.