- The US Senate is nearing a vote on the Digital Asset Market Clarity (CLARITY) Act, which is expected to be the most comprehensive crypto legislation.
- Coinbase Vice Chair Ryan VanGrack stated that Democratic lawmakers added stronger customer protections to the bill during final negotiations.
- Ethics provisions remain a sticking point for many Democrats, and the final text of the bill has yet to be released or scheduled for a floor vote.
Coinbase Vice Chair Ryan VanGrack revealed that Democratic senators have successfully added enhanced customer protections to the Digital Asset Market Clarity (CLARITY) Act during closed-door negotiations, just ahead of a likely Senate vote on the landmark crypto legislation. “[A]t the end of the day, this is about customer protections,” VanGrack said in a Monday CNBC interview, adding that Democrats used the opportunity to give the bill “more teeth.”
However, VanGrack did not mention any progress on adding ethics provisions, which many Democrats have stated are necessary for their support. Notably, Coinbase CEO Brian Armstrong had previously delayed an earlier version of the bill in January by announcing the exchange could not support it, though executives including chief legal officer Paul Grewal have since come out publicly in favor of the current version.
The legislation follows the SEC’s dropped lawsuit against Coinbase under the Biden administration, which alleged the firm operated as an unregistered securities exchange. Republican lawmakers reportedly met with President Trump on Thursday to discuss the bill, while Democrats held a closed-door meeting on Wednesday to assess their positions amid concerns about Trump’s ties to the crypto industry, including his disclosed $1.4 billion in earnings from his memecoin and other investments.
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