Key Highlights
- Ryan VanGrack says the CLARITY Act is needed to create federal crypto rules, whether people support or oppose crypto.
- The bill faced another delay as Senate lawmakers continue negotiating its remaining provisions.
- Supporters say clear rules could strengthen consumer protection and encourage crypto businesses to operate in the United States.
Ryan VanGrack, a top executive at Coinbase, is urging lawmakers to pass the CLARITY Act. He believes it’s important to move forward with the bill – even for those who aren’t enthusiastic about cryptocurrency – as its progress in the Senate has stalled.
On Monday’s “Squawk Box” on CNBC, former SEC official VanGrack explained that the CLARITY Act isn’t about deregulation of crypto. He believes the bill would establish a clear set of federal rules for the crypto industry, which has been operating for years without a comprehensive regulatory framework.
VanGrack clarified that the issue isn’t a lack of rules, but rather the introduction of regulations to this industry – something that hasn’t happened before.
VanGrack reports the bill is gaining strong support in the Senate. He noted that legislators from both Democrats and Republicans have been actively collaborating on it, even recently.
Why the CLARITY Act is delayed
The proposed CLARITY Act still needs to overcome a major challenge. While the House of Representatives has already approved its version of the bill, the Senate still needs to vote on and pass its own. Because 60 votes are required in the Senate, supporters will need to gain support from both Democrats and Republicans to ensure its passage.
The Senate Banking Committee already approved the bill by a vote of 15 to 9, with support from both Democrats and Republicans. Now, legislators are resolving some final issues before sharing the revised version.
The updated text was scheduled to be published after President Trump spoke with Senate Republicans about the bill. But its release was postponed last week because discussions about ethical guidelines took longer than anticipated.
People in the cryptocurrency world are anticipating a new version of the bill to become public this week.
House hearing keeps crypto debate alive
Even as senators negotiate privately, the House Financial Services Committee examined the potential of the CLARITY Act to encourage blockchain development in the U.S. during a public hearing held in New York on Friday. Notably, no Democrats participated in the session.
While the hearing didn’t change the Senate’s ongoing discussions, it highlighted that Republican politicians and people in the crypto industry are still pushing for clearer, more comprehensive rules for digital assets.
Why supporters say CLARITY matters
A key reason for the bill is that confusing regulations have created difficulties for cryptocurrency companies trying to do business in the U.S. According to Representative Tim Moore, this uncertainty has even caused some digital asset companies to move their operations to other countries.
VanGrack also noted that Democrats had improved the bill to better protect consumers. These improvements include rules to combat illegal financial activity, a measure to prevent loopholes like the one exploited by FTX, safeguards against insider trading, and increased transparency requirements.
VanGrack stated that Democrats successfully negotiated improvements to an already solid consumer protection bill, making it even better.
Crypto and Wall Street are moving closer
The discussion around the CLARITY Act is happening as cryptocurrency and traditional finance become increasingly connected. VanGrack highlighted the rising number of banks and large financial companies getting involved in crypto, noting that major announcements about new projects or investments happen almost weekly.
JPMorgan and Coinbase are working together to make cryptocurrency more accessible. JPMorgan is now letting customers use Bitcoin as security for loans and allowing them to buy and sell it through the bank.
Clarity beyond crypto
The conversation also explored a broader idea: can blockchain technology offer benefits even for people who aren’t interested in bitcoin?
According to VanGrack, blockchain technology could speed up transactions, make them more transparent, and allow for 24/7 operation. He noted that there are still uncertainties surrounding crypto financial products – specifically how they should be structured, including the possibility of offering features like interest or rewards programs.
For VanGrack, however, the main issue is not whether everyone becomes a crypto supporter.
He explained that without clear rules, there’s no federal supervision of the cryptocurrency industry. Therefore, he believes everyone – whether they support or oppose crypto – should support the CLARITY Act to establish those needed guidelines.
2026-07-20 23:02