The CLARITY Act has attracted support from some of the world’s largest financial institutions. That support has not been enough to silence the opposition. Coinbase CEO Brian Armstrong addressed both sides in a recent interview.
Armstrong identified Goldman Sachs, Citi, BNY, Fidelity, and BlackRock as institutions that have publicly endorsed the legislation. He called the bill very good for banks.
He said most banks recognize it gives them new tools to grow their business using blockchain technology. However, the financial industry is not a monolith on this issue.
🚨 TODAY: Coinbase CEO Brian Armstrong says that there are banks that are still against the Clarity Act because they “don’t want competition from crypto companies.” pic.twitter.com/a7LDzeg8Mv
— Cointelegraph (@Cointelegraph) August 31, 2026
A Small Group Holding Out
Armstrong acknowledged that some banks remain opposed. He did not soften his assessment of why. “They don’t want competition from crypto companies,” he said. “They don’t want to have to pay higher rates to their customers.”
Companies like Ripple faced backlash from banks for pursuing a banking charter. This video shows that those banks don’t want to compete. Armstrong’s remarks put a direct label on the resistance. It is not about protecting consumers or managing systemic risk. According to the CEO, it is about protecting market position.
He invoked free market competition as the standard against which that behavior should be judged. “Competition is what made America great,” he said. Armstrong expressed confidence that the Senate will not accommodate that kind of protectionism.
Where the Bill Stands
The CLARITY Act cleared the Senate Banking Committee in May. It has sat on the Senate calendar since then without a floor vote. Senate Majority Leader John Thune filed cloture before the August recess. The procedural vote is now scheduled for September 15, when the Senate returns.
The bill needs 60 votes to advance past that cloture threshold. That number requires bipartisan support. Senator Tim Scott has stated publicly that the bill will become law.
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The Stakes for September
Armstrong’s comments arrive at a critical moment. The September 15 vote is the next concrete test of whether the bill has enough support to move forward. Senator Lummis has publicly pushed back against the assertion that Wall Street broadly opposes the bill, and revealed the support of major institutions. Armstrong’s remarks reinforce that position.
The banking opposition Armstrong described does not represent the industry consensus. It represents a minority pushing against legislation that most major institutions have already accepted. Armstrong made clear he expects the Senate to recognize that distinction. The September 15 vote will show whether that expectation holds.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are advised to conduct thorough research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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