Coinbase Reveals What Happens If CLARITY Act Passes, Or Doesn’t

Ryan VanGrack, vice chair and head of corporate affairs at Coinbase, said the crypto industry has reached a turning point on the CLARITY Act, with a broader coalition now backing the bill than ever before.

“It’s time to stop talking and start voting,” VanGrack said, fresh off meetings in Washington ahead of the Senate’s return later this month.

A Coalition Beyond Crypto

VanGrack said the push for CLARITY now extends well past the crypto industry itself. Law enforcement groups, major Wall Street firms, and millions of crypto voters have coalesced around the bill after taking time to actually study what’s in it.

He framed the Senate’s choice and said after more than a year of bipartisan negotiation and compromise, lawmakers are deciding between comprehensive federal oversight or the status quo, which VanGrack said leaves consumers, law enforcement, and illicit finance safeguards all worse off. “I’m hopeful that senators will elevate policy over politics and get this across the finish line,” he said.

What Happens If It Doesn’t Pass Before Midterms

Asked about a fallback plan should the bill stall past the midterm elections, VanGrack pointed to two things he says won’t change regardless of the vote’s outcome.