Clarity Act Stranded, Coinbase to Blame?...Scaramucci: 'No one worked harder than Armstrong'

▲ Cryptocurrency regulation, Bitcoin (BTC), Ethereum (ETH)/AI generated image

As the US crypto market structure bill, a virtual asset regulation bill, was once again stranded in the US Senate, Anthony Scaramucci, founder of SkyBridge Capital, came to the defense of Brian Armstrong, CEO of Coinbase Global (COIN). He criticized the move to shift responsibility to a specific company and its CEO, arguing that it is absurd, especially when partisan conflicts in Washington politics caused the bill to fail.

According to Benzinga, a US financial and virtual asset media outlet, on September 20 (local time), Scaramucci emphasized on X (formerly Twitter) that "No one has worked harder than Armstrong to advance the US crypto market structure bill." Scaramucci described the bill's failure as "typical meaningless Washington political behavior," pointing out that the real reason for sinking a bipartisan compromise that could have helped all Americans was not a policy flaw but political infighting. He added that the blame game occurring immediately after the bill's rejection is also completely unfounded.

This controversy was sparked by the US crypto market structure bill, which aimed to divide virtual asset jurisdiction between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), failing to pass the Senate. The bill had previously passed the House of Representatives in July 2025 with 294 votes in favor and 134 against. However, in the Senate, it ultimately failed to secure the 60 votes needed to overcome a filibuster due to disagreements over ethics clauses and stablecoin yield regulations.

Armstrong also fully refuted the allegations of responsibility raised through media reports. He pointed out that the Wall Street Journal (WSJ) was preparing an article blaming him and Coinbase for the bill's failure. He further stated that "instead of fairly covering years of efforts for virtual asset legalization, they are merely echoing the claims of traditional banking lobby groups."

Armstrong explained that he had initially opposed the draft in January because issues related to decentralized finance, tokenization, CFTC authority, and stablecoin rewards were not resolved, but all problems were addressed in the revised version four months later. He stated, "The final draft that went to the Senate was excellent, and I strongly supported it," expressing his resolve to continue acting for virtual asset users without being swayed by criticism.

[Article Summary]

-Scaramucci directly refuted the blame directed at Coinbase CEO Armstrong after the failure of the US crypto market structure bill.

-The bill failed to secure the 60 votes needed to overcome a filibuster in the Senate due to disagreements over stablecoin regulation and ethics clauses.

-Armstrong stated that he strongly supported the final version and would continue efforts for legalization, undeterred by the distorted blame-shifting from the banking lobby.

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