Crypto Regulation Heats Up As Coinbase CEO Supports CLARITY Act
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. 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. 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.Crypto’s Reach In Washington Continues To Grow
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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
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