Analyst: CLARITY Act Stall Seen as Positive for Crypto Markets
The CLARITY crypto market structure bill’s failure to advance in the United States Congress is being viewed as constructive for digital asset markets and the broader industry, according to market analyst Michaël van de Poppe.
Van de Poppe pointed to Coinbase withdrawing its support for the bill on Wednesday and to Coinbase CEO Brian Armstrong’s post on X outlining concerns with the latest draft.
Armstrong cited issues including a “de facto ban” on tokenized stocks, government access to user records on decentralized finance (DeFi) platforms, and restrictions on yield-bearing stablecoins.
He said that passing the bill in its current form would likely have weighed on markets, adding that stakeholders remain engaged in negotiations. He compared the process to the European Union’s Markets in Crypto-Assets (MiCA) framework.
According to van de Poppe, MiCA, the EU’s comprehensive crypto regime, required multiple negotiation rounds and revisions before it was enacted.
Establishing a market structure framework in the United States remains a key objective for industry groups and their allies in Congress seeking clearer rules for onchain finance.
Coinbase CEO rejects report of friction with White House, says CLARITY talks are ongoing
Independent crypto reporter Eleanor Terrett reported on Saturday that the White House threatened to withdraw support for the CLARITY Act after Coinbase ended its backing.
Armstrong disputed that account and said negotiations continue to develop a version acceptable to the crypto industry and community banks.
He added that the White House has been “super constructive” during the process. The post drew responses critical of the banking sector and of potential limits on yield-bearing stablecoins. Venture capitalist Nic Carter urged policymakers not to eliminate stablecoin yield, warning it would set back stablecoins for a generation, and called to “hold the line.”
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