The future of America’s cryptocurrency market could come down to a crucial Senate vote anticipated this month, and few are following it more closely than Coinbase Chief Policy Officer Faryar Shirzad.
During an interview on Fox Business’ Mornings with Maria earlier today, Shirzad argued that the Digital Asset Market Clarity Act—referred to as the CLARITY Act—is the most consequential piece of financial regulation since Dodd-Frank, and that its passage is now within grasp.
“This will be Congress’s most significant financial regulatory legislation in years, certainly since Dodd-Frank,” Shirzad stated. “What it does is bring much-needed clarity to the crypto industry.”
The stakes are substantial. On May 29, Wyoming Senator Cynthia Lummis issued a stark warning on X, telling lawmakers that this session of Congress offers the last real opportunity to act. “The next chance to pass digital asset legislation likely won’t come until 2030,” she posted. “Until then, developers will lack legal protections, and law enforcement won’t have the tools to go after bad actors. The CLARITY Act addresses both issues.”
The bill advanced out of the Senate Banking Committee on May 14 by a 15–9 vote, with Democratic Senators Ruben Gallego of Arizona and Angela Alsobrooks of Maryland breaking with their party to support it. However, passing it on the full Senate floor is an entirely different challenge. The measure needs 60 votes to move forward, and with November’s midterm elections squeezing the legislative calendar, supporters have only weeks to get it done.
Despite the tight timeline, Shirzad expressed confidence in securing enough votes.
“The Republican caucus is largely united,” he said. “The president has been pushing hard for it, and a sizable group of Democrats also want to see it pass. Around 80 House Democrats voted in favor, and I expect a similar level of support in the Senate.”
U.S. government’s pro-crypto legislation
President Trump has prioritized crypto legislation from the White House, recently posting on Truth Social about enshrining a “future-proof” digital asset market—with his administration eyeing a July 4 signing.
Rather than framing the bill as a battle between crypto and traditional banks, Shirzad positioned it as expanding opportunities for legacy financial institutions.
“This would be the first law since the 1990s granting banks explicit permission to enter the crypto space,” he explained. “JPMorgan wants in—and so does every major bank. We welcome that.”
Coinbase’s optimism isn’t limited to legislation. On May 29, the exchange scored a major regulatory victory when the Commodity Futures Trading Commission issued guidance allowing Coinbase Financial Markets to link U.S. institutional clients to global crypto derivatives markets.
Coinbase Financial Markets became the first CFTC-regulated futures commission merchant to offer domestic clients access to global crypto perpetuals and options—products that make up roughly 80% of worldwide crypto trading volume. The exchange recently acquired Deribit, a derivatives platform with over $31 billion in Bitcoin options open interest, and began onboarding institutional clients right away. Retail access is expected to follow later.
“This is a major regulatory breakthrough,” Shirzad said. “It shows U.S. regulators are acting on the president’s vision—bringing crypto markets back onto American soil.”
On the broader crypto market outlook, Shirzad dismissed any suggestion that the biggest opportunities have already passed.
“We’re even more optimistic about crypto as a technology,” he said, highlighting how blockchain infrastructure is being adopted by major banks and financial firms. “Crypto is now widely recognized as the next evolution of the financial system.”
He described the emerging era as “tokenized”—financial services built on blockchain—with the CLARITY Act providing the legal framework that would enable participation from both crypto-native companies and traditional institutions.
One remaining sticking point involves stablecoin rewards. In May, Senators Thom Tillis and Angela Alsobrooks brokered a compromise that prohibits rewards on stablecoins that mimic bank deposit interest, while still allowing activity-based incentives. Shirzad confirmed the language is finalized.
“The key architects of that compromise—Senators Tillis and Alsobrooks—have made clear the wording is locked in,” he said. “This is the deal they plan to defend with their colleagues.”
Dimon calls Coinbase’s Armstrong “full of sh*t”
On May 28, JPMorgan Chase CEO Jamie Dimon sat down with Maria Bartiromo on Fox Business and took direct aim at the bill—and at Coinbase CEO Brian Armstrong.
During the interview and in remarks at the Reagan National Economic Forum, Dimon accused Armstrong of misrepresenting the banking industry’s stance on the legislation, using blunt language that quickly went viral on social media.
Armstrong fired back with a hockey-themed meme that resonated widely across the crypto community.
Dimon’s primary concern centers on the stablecoin rewards provision—the very clause Coinbase fought hard to preserve. He argued that letting crypto platforms offer yield-like returns on stablecoins gives them an unfair edge over regulated banks, which face stricter rules.
“If you want to operate like a bank, then become a bank,” Dimon told Bartiromo. He also raised concerns about anti-money laundering compliance and Bank Secrecy Act enforcement, calling the bill unworkable in its current form and insisting banks won’t accept it without revisions.
The irony isn’t lost on anyone: Coinbase itself banks with JPMorgan—a fact Shirzad pointed out without being asked.
“JPMorgan is our bank, and they’ve stood by us—even during the Biden administration,” Shirzad said.
