Coinbase Global Inc. (NASDAQ:COIN) CEO Brian Armstrong expressed optimism on Thursday about the future of cryptocurrency regulations in the U.S., noting that both Democrats and Republicans are on the same page.
Armstrong Indicates Bipartisan Support For Crypto Bill
In an X post, Armstrong said that despite the government shutdown, the momentum for market structure legislation is at an “all-time high.”
“I sat down with Senate Democrats and Republicans who want to get this done – we’re 90% there,” he said, adding that both sides are working “hard” to figure out the remaining 10%.
Coinbase’s top executive said the company is “bullish” on a bill being passed by the end of the year and getting it out of Committee by Thanksgiving.
“We’ll keep fighting for the future of crypto here on the hill,” Armstrong stated.
‘Excellent Position’ To Pass Bill By Year-End
White House Crypto and AI Czar David Sacks echoed Armstrong’s optimism, suggesting that the policymakers were in an “excellent position” to pass market structure legislation with bipartisan backing this year.
A New Era Of Regulatory Clarity?
The market structure bill, also called the CLARITY Act, which proposes to split cryptocurrency oversight between the SEC and the CFTC, sailed through the House and will be debated in the Senate.
The GENIUS Act, which aims to regulate dollar-pegged stablecoins like Tether (CRYPTO: USDT), has already been signed into law.
However, concerns over President Donald Trump-backed cryptocurrency ventures and a potential conflict of interest have heightened scrutiny of the bills, with senior Democrat Sen. Elizabeth Warren (D-Mass.) among the most vocal opponents.
Price Action: Coinbase shares gained 0.46% in after-hours trading after closing 0.74% higher at $322.71 during Thursday’s regular trading session, according to data from Benzinga Pro. Year-to-date, the stock has rallied nearly 30%
As of this writing, COIN ranked high on Growth, an indicator of a stock's combined historical expansion in earnings and revenue across multiple periods. Visit Benzinga Edge Stock Rankings to compare it to other cryptocurrency-related stocks.
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