# Coinbase CEO Backs US Treasury Secretary’s Push to Pass CLARITY Act
In a significant shift in stance, Coinbase CEO Brian Armstrong has publicly expressed support for U.S. Treasury Secretary Janet Yellen’s efforts to promote the CLARITY Act, a legislative proposal aimed at providing clarity in the regulation of cryptocurrencies. This endorsement comes just three months after Armstrong had previously indicated that Coinbase could not support the bill "as written" prior to a pivotal committee vote. The evolving dynamics around this legislation underscore the complexities of the cryptocurrency landscape and the ongoing debate over regulatory frameworks.
Background Context and Key Details
The CLARITY Act, which stands for "Consumer Safety and Modernization Act," seeks to establish a regulatory framework that would delineate the roles of federal and state authorities in overseeing digital asset markets. The bill aims to provide much-needed guidance for businesses operating in the crypto space, which have often faced uncertainty over compliance and regulatory obligations. The act is designed to foster innovation while ensuring consumer protection.
Armstrong's initial hesitance stemmed from concerns about specific provisions in the bill that he believed could stifle innovation or impose excessive burdens on crypto businesses. However, following discussions with policymakers and stakeholders, his recent support signals a potential compromise that could help bridge the gap between the industry and regulators. By aligning with Secretary Yellen, Armstrong appears to be advocating for a balanced approach that preserves the interests of both consumers and the burgeoning crypto sector.
