Armstrong Does a 180: Coinbase CEO Now Says It's Time for CLARITY Act After Backing Away in January

Brian Armstrong, the Coinbase CEO who pulled a classic "we're out" move on the Digital Asset Market Clarity Act back in January, has apparently had a change of heart. In a Thursday X post that definitely wasn't screenshot by every crypto Twitter bull, Armstrong said Coinbase agreed with comments from US Treasury Secretary Scott Bessent in a recent Wall Street Journal op-ed, urging Congress to get off its hands and pass the crypto bill already.

"It's time to pass the Clarity Act," said Armstrong, calling the current version of the legislation a "strong bill" after months of negotiations between lawmakers and representatives from the crypto and banking industries. One wonders what changed in those months—besides, you know, the usual Washington shuffle.

The endorsement came approximately three months after Armstrong said Coinbase could not support the legislation "as written," a decision that caused Senate Banking Committee members to postpone a markup on CLARITY like someone hitting pause on a Netflix show they lost interest in. At the time, Armstrong expected the bill to pass "in a few weeks," but concerns over ethics, tokenized equities, stablecoin yield and other crypto-related issues have stalled progress since January. Those "few weeks" aged like milk in a Celsius account.

The expected markup in the banking committee, not scheduled as of Friday, will follow approval from the Senate Agriculture Committee in January. Both committees need to address different aspects of securities and commodities regulations before a potential vote for the CLARITY Act in the full chamber. It's like watching two different departments try to agree on the office thermostat.

Coinbase legal chief Paul Grewal said last week that lawmakers were "very close to a deal" on the bill. We've all heard that before—close only counts in horseshoes, hand grenades, and apparently crypto legislation.

The relationships between crypto executives and Washington may have benefited companies seeking crypto-friendly laws. Last week, the Office of the Comptroller of the Currency approved Coinbase's application for a national bank trust charter. Nothing says "we're good friends now" like getting a national bank charter while simultaneously lobbying for legislation. Purely coincidental, of course.