Donald Trump · Coinbase · CLARITY Act · US Senate · White House · CBS News Technology
Coinbase CEO confirms CLARITY Act will prevent another FTX collapse
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Coinbase CEO Brian Armstrong is making the case for a new bipartisan cryptocurrency bill backed by President Trump, telling CBS News on Thursday that it will broaden consumer protections and prevent a repeat of the FTX fallout.
Key facts
- Donald Trump raked in more than $1.4 billion from cryptocurrency ventures, and this bill does nothing to prevent him from vacuuming up his next $1.4 billion in crypto profits," Sen
- Cryptocurrency prices rose on Thursday, with bitcoin and ethereum gaining 5.9% and 2.8%, respectively, in afternoon trading
- The trust company is affiliated with World Liberty Financial, which President Trump's sons founded in 2024 alongside the sons of Steve Witkoff, the Trump administration's special envoy to the Middle
- Coinbase CEO Brian Armstrong is making the case for a new bipartisan cryptocurrency bill backed by President Trump, telling CBS News on Thursday that it will broaden consumer protections and prevent
Summary
"The current status quo today is that there isn't much clarity about what the rules are. The CLARITY Act, which is scheduled for a Senate vote in September, would create a regulatory framework for cryptocurrency, providing more oversight to an industry that has, up until now, been largely operating in a legal gray area. Armstrong believes the new guardrails would benefit the financial services sector, make the U.S. more competitive and enhance protections for ordinary crypto users. About one in five Americans has used crypto, according to Pew Research.