Coinbase CEO: CLARITY Act Fails to Advance, SEC and CFTC to Push for Clearer Crypto Regulations Coinbase CEO Brian Armstrong stated that the CLARITY Act failed to advance in the U.S. Senate today, which is disappointing, but the crypto industry cannot keep waiting on Congress. He mentioned that the SEC and CFTC already have the tools to establish clear rules under their existing authority and are expected to move forward with related efforts. Armstrong also noted that the GENIUS Act has established a legal framework for stablecoins, and despite the CLARITY Act not passing, regulatory clarity for the crypto industry is still on the horizon.