CLARITY Act draws industry backing as SEC says it can draft fallback crypto rules

The Digital Asset Market Clarity Act remains in a critical final stretch in the Senate, with Coinbase’s new Vice Chair Ryan VanGrack saying the bill has “tremendous momentum” with bipartisan Senate support and is on the “one-yard line.” The measure would establish a federal framework for digital assets by drawing clearer jurisdictional lines between the SEC and CFTC, a structure supporters say is needed for oversight, investor protection and U.S. competitiveness. VanGrack, who became Coinbase’s first vice chair and head of corporate affairs on July 9, 2026, is presenting a different regulatory posture from the company’s recent courtroom-centered approach. His comments come as Paul Grewal, Coinbase’s outgoing Chief Legal Officer, prepares to step down on July 31, 2026, after helping lead the company through the SEC’s June 2023 lawsuit alleging Coinbase offered unregistered securities. That case was dismissed. The leadership shift comes as Coinbase pushes beyond its core crypto exchange business into equities trading, futures, prediction markets and AI tools, seeking to position itself as a broader financial-services platform. VanGrack, who previously held roles at Citadel Securities and as an SEC official, is emphasizing regulatory clarity and growth even as risks remain: the bill still needs Senate action, supporters continue to face the 60-vote hurdle to clear a procedural filibuster, and delay could still push action into the fall. Separately, SEC Chair Paul Atkins has said the agency is prepared to write crypto market-structure rules under its existing authority if Congress does not act, while maintaining that legislation would provide more durable legal certainty because agency rules could be changed by a future administration.