Brian Armstrong’s Optimism on Crypto Market Structure Bill
Brian Armstrong, the CEO of Coinbase, expressed optimism about the upcoming crypto market structure bill, revealing that it has garnered considerable bipartisan backing in the Senate and could see a vote as early as November. Following a crypto-focused roundtable with Senate Democrats on October 22, Armstrong shared insights with CNBC regarding the positive reception the bill has received from both parties. He noted that most disagreements have been resolved, suggesting a draft may soon be shared with the public.
“Our discussions with Senate Democrats and Republicans have been encouraging, and there is a palpable desire to see this market structure legislation finalized,” Armstrong stated in the interview.
He indicated that the committee aims for the bill to be passed by Thanksgiving, reminiscent of the positive impact the GENIUS Act had on the crypto sector. The act was enacted in July 2025 and resulted in a notable increase in the adoption of stablecoins, particularly those pegged to the U.S. dollar.
“The act facilitated the global export of the U.S. dollar, leading to a proliferation of dollar-denominated accounts, and they aim to replicate this success with the market structure bill,” he explained.
Concerns Over Decentralized Finance Regulations
Armstrong also addressed concerns surrounding a recently leaked Democratic proposal on decentralized finance (DeFi), which has sparked alarm among traders and industry stakeholders due to its potential for stricter regulations. Armstrong criticized the draft, labeling it “a bad proposal” that threatens innovation and stifles the U.S.’s aspirations to become a central hub for cryptocurrency.
After discussions with Democratic senators, he reassured that the proposal is not being taken seriously and emphasized that regulations should focus on centralized platforms like Coinbase, rather than on the decentralized protocols themselves.
Looking Ahead: Progress and Legislative Goals
Looking ahead, Armstrong expressed confidence the bill can progress this year, with a possible vote in November.
“The Clarity bill in the House has already shown strong bipartisan support. This is the Senate crafting its own version, and hopefully, both can converge to be sent to the president soon,” he remarked.
Coinbase has largely backed the formation of the new U.S. regulatory framework for the digital currency market, all while raising alarms over certain aspects that may impose excessive regulatory burdens on various crypto entities. Armstrong views the legislation as a crucial turning point for the industry, offering much-needed clarity around digital asset regulation, which he argues is vital for fostering innovation and encouraging institutional investment.
The company has expressed concerns regarding potential regulations that could unduly affect decentralized protocols and platforms, emphasizing that investor protections should not extend to the point of hindering technological advancement. In a Monthly Outlook report from June 2025, Coinbase identified the market structure bill as a significant regulatory milestone that could profoundly influence the crypto landscape. By clarifying the roles of regulatory bodies like the SEC and the CFTC, as well as categorizing different digital asset types, Coinbase believes this legislation is crucial for enhancing both institutional engagement and mainstream adoption of cryptocurrencies.
