The United States may soon see significant changes in the regulation of digital assets, with Coinbase CEO Brian Armstrong pointing to two possible outcomes that could shape the industry’s future.
Congress or Regulators Set to Decide
Armstrong commented after Mike Selig, Chairman of the Commodity Futures Trading Commission (CFTC), revealed plans to use the agency’s current legal authorities to establish new rules for crypto asset markets if congressional action remains delayed.
Selig criticized ongoing legislative gridlock, attributing the delay of the CLARITY Act to Democratic resistance. He said the CFTC owes the American public a robust regulatory structure for crypto and pledged to support President Donald Trump’s initiative to define a clear market structure for digital assets.
Armstrong highlighted two scenarios for regulatory clarity: “60+ votes in the Senate on September 15, or a new set of rules from the CFTC and SEC on September 16.”
Selig Details CFTC Rulemaking Plans
Selig stated in a video post that he has directed CFTC staff to explore developing rules under existing authority, aiming to establish a comprehensive market structure for crypto assets.
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AAPLAccording to Selig, the proposed framework may allow both current registrants and select non-registrant crypto exchanges to gain a specialized designation as a crypto asset market. This would authorize these venues to offer leveraged and margin trading for digital assets, all under the CFTC’s supervision.
Selig added that he had encouraged staff to consult with on-chain finance protocol developers to develop compliant operational models within the U.S., aiming to increase legal certainty and investor protection.
However, Selig emphasized that the CFTC will wait to see if the CLARITY Act advances to a Senate vote. If lawmakers do not approve what he described as a bipartisan version of the act, he plans to move rapidly toward initiating new rules independently.
Mini dictionary: CLARITY Act, a proposed piece of U.S. legislation aiming to provide a statutory framework for the regulation and oversight of crypto assets and digital asset markets, designed to clarify roles and responsibilities between federal regulators.
September Becomes Pivotal for U.S. Crypto Regulation
Armstrong, who leads Coinbase as the largest publicly listed crypto exchange in the United States, responded directly to Selig’s public comments. He outlined September 15 as the possible date for Senate approval of the CLARITY Act. If the proposal does not pass, Armstrong pointed to September 16 as the earliest date new regulatory rules could be released by the CFTC and Securities and Exchange Commission (SEC).
Armstrong’s remarks reflect the industry’s expectation for a decisive move in policy—either through legislative passage or regulatory action—after months of intense policy debate and uncertainty.
Rather than relying solely on Congress, Armstrong suggested that federal regulators could proceed using their current powers to deliver greater transparency and predictability for digital asset markets.
For industry stakeholders, the outcome could shape the legal landscape for years. Legislation would provide a statutory foundation, while immediate rulemaking would draw on the regulators’ existing legal mandates.
| Pathway | Date | Outcome | Main Body |
|---|---|---|---|
| Congress adopts CLARITY Act | September 15 | Statutory regulation for digital assets | Senate |
| CFTC & SEC issue new rules | September 16 | Agency-driven regulatory framework | CFTC, SEC |
Market participants and legal observers regard the upcoming Senate vote and possible agency actions as key moments that could substantially alter the future of U.S. crypto regulation. Both regulatory pathways present different timelines and levels of legal protection, but each aims to bring more certainty to the sector.
