Coinbase CEO Brian Armstrong has stated that the long-anticipated crypto market structure bill is gaining momentum in the U.S. Senate, with strong bipartisan backing suggesting it could advance to a vote before the end of the year. In a recent interview with CNBC following a series of meetings with Senate Democrats and Republicans on October 22, Armstrong expressed optimism that the legislative process is progressing effectively.
During these discussions, Armstrong emphasized that both political parties are increasingly aligned on the bill’s key provisions. He noted that many of the bill’s contentious aspects have been largely resolved, and a finalized draft may soon be ready for review. “There’s a strong bipartisan will to get this done,” he said, adding that the bill could be brought to a vote as early as Thanksgiving.
The legislation, designed to bring clarity and structure to the U.S. crypto market, is seen as a pivotal step toward integrating digital assets into the broader financial system. Armstrong drew parallels with the GENIUS Act, which was signed into law in July 2025 and led to a significant uptick in the use of USD-backed stablecoins globally. “It allowed the U.S. dollar to be exported digitally across borders, which was a major step forward,” he said. Lawmakers are now looking to replicate that impact through this new market structure initiative.
Armstrong also addressed concerns over a leaked draft of a Democratic proposal aimed at regulating decentralized finance (DeFi). The proposal, which appeared to impose stricter controls on the DeFi ecosystem, sparked backlash among crypto leaders who feared it could stifle innovation and drive blockchain development offshore. Armstrong labeled the proposal as “misguided” and clarified that discussions with Senate Democrats revealed it was not a serious legislative effort.
He reiterated that while regulation is necessary, it should focus on centralized actors such as custodians and exchanges—not on the decentralized protocols themselves. “DeFi should be preserved. The innovation happening there is too important to be stifled by overreach,” Armstrong said, urging lawmakers to take a more targeted approach to crypto oversight.
The House has already made progress with its own version of the bill, the Clarity Act, which also received bipartisan support. Armstrong highlighted the possibility of the House and Senate versions being reconciled to produce a unified bill that could be signed into law soon after. “We’re hopeful that both chambers can align and get a comprehensive framework to the president’s desk,” he said.
Coinbase has been generally supportive of the emerging legislative framework, though the company has flagged certain provisions as potentially problematic. In particular, concerns have been raised about regulatory language that could impose excessive burdens on decentralized protocols or front-end interfaces, potentially stifling innovation without offering meaningful investor protections.
In its communications and research, Coinbase has consistently emphasized the importance of regulatory clarity. The company views the market structure bill as a transformative measure that could unlock major institutional participation and help legitimize the crypto sector in the eyes of traditional financial players. A June 2025 report from Coinbase described the legislation as a defining moment for the space, noting that it could accelerate mainstream adoption and stimulate market growth.
The framework is also expected to address the jurisdictional divide between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), clarifying which agency has authority over various types of digital assets. This distinction is vital for creating a predictable regulatory environment that can support long-term industry development.
Beyond institutional impact, the bill is likely to influence consumer confidence as well. With clear rules in place, retail investors may feel more secure participating in crypto markets, knowing that protections and oversight are in effect. This could lead to broader adoption and increased liquidity in both centralized and decentralized platforms.
Another important angle is the potential global impact. By setting a regulatory precedent, the U.S. could influence how other countries shape their own digital asset laws. Armstrong and other industry leaders believe that the U.S. has a unique opportunity to lead the world in responsible crypto innovation—if the legislation is crafted thoughtfully.
The bill may also provide a foundation for future advancements, including clearer regulations around emerging crypto sectors like tokenized assets, NFTs, and blockchain-based identity systems. By establishing a baseline framework now, lawmakers can make it easier to adapt and expand regulatory approaches as the technology evolves.
If passed, the market structure legislation could also help stabilize the industry, reducing the frequency and severity of market manipulation, fraud, and other illicit activities. Stronger oversight of centralized platforms, combined with transparency requirements and standardized disclosures, would help make the crypto economy more resilient.
As the Senate gears up for further negotiations, the crypto community, investors, and industry stakeholders are watching closely. The months ahead will be critical in determining whether the United States can establish a leading role in shaping the future of digital finance—or risk falling behind more proactive jurisdictions. Armstrong’s optimism reflects growing momentum, but the final outcome will depend on continued bipartisan cooperation and a shared commitment to modernizing financial regulation for the digital age.