Coinbase CEO Brian Armstrong stated that after witnessing strong bipartisan support for the cryptocurrency market structure bill this week, key legislation to advance cryptocurrency development in the U.S. "is likely to pass."

The Digital Asset Market Clarity Act (CLARITY Act) aims to clarify the responsibilities of the U.S. Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), and other financial institutions regulating the crypto market, particularly concerning tokenized stocks and other non-stablecoins.

After meeting with lawmakers over the past few days, Coinbase CEO Brian Armstrong said, "This is how we ensure the crypto industry can be built here in America, driving innovation and protecting consumers, and making sure we never have another Gary Gensler trying to take your rights away."

"The Senate is strongly supportive of getting this done; the bipartisan lawmakers I met with are ready to pass this legislation," Armstrong said in a video posted to X, noting that the draft bill is being exchanged back and forth before being submitted to industry participants for public comment.

I was in DC the last few days working to get MARKET STRUCTURE legislation passed for crypto. This is how we ensure the crypto industry can be built here in America, driving innovation and protecting consumers, and making sure we never have another Gary Gensler trying to take your… pic.twitter.com/UqCH8jCNU8

Senator Cynthia Lummis predicted earlier this month that the CLARITY Act would be sent to President Donald Trump's desk for signing by the end of the year.

Other crypto representatives attending the meeting reportedly included executives from Ripple, Kraken, Circle, Cardano, and tech-focused venture capital firms a16z, Paradigm, and Multicoin Capital.

Kraken CEO Arjun Sethi stated that his contributions during the roundtable discussion focused on how the market structure bill could support crypto products and services in a way that prioritizes builders.

Armstrong also added that lawmakers would not allow the banking industry to attempt to ban interest on stablecoins. In mid-August, several banking groups warned that yield-bearing stablecoins could threaten the traditional banking model, which relies on attracting deposits through high-yield savings products to fund loans.

Armstrong pointed out that banking groups had previously attempted to ban interest on stablecoins in the GENIUS Act but were unsuccessful.

It seems to have been a productive week on Capitol Hill.

U.S. lawmakers also met on Monday with 18 Bitcoin leaders, including Strategy Chairman Michael Saylor, to discuss how Congress could advance the strategic Bitcoin reserve plan with the Trump administration.

Saylor and his peers proposed ideas on how to achieve 1 million Bitcoins through a budget-neutral strategy supported by Cynthia Lummis's BITCOIN Act over the next five years.

So far, proposed budget-neutral strategies include reassessing the Treasury's gold certificates and tariff revenues.

Related: Crypto executives meet with U.S. lawmakers to discuss Bitcoin (BTC) reserves and market structure bill

Original article: Coinbase CEO: The CLARITY Act will be an unstoppable freight train

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