Coinbase CEO Brian Armstrong is supporting the bipartisan CLARITY Act, backed by President Trump and scheduled for a Senate vote in September, saying it would establish clearer cryptocurrency rules and broaden consumer protections. The bill, which the House passed last year, would place digital assets under joint oversight by the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission. Armstrong said the framework could help prevent a repeat of FTX's 2022 collapse, strengthen law enforcement tools, improve U.S. competitiveness and enable products such as rewards on stablecoin balances and crypto-based capital raising. About one in five Americans has used crypto, according to Pew Research. Bitcoin and ethereum rose 5.9% and 2.8%, respectively, in Thursday afternoon trading. President Trump urged Congress to pass the bill after meeting technology leaders including Armstrong at the White House on Wednesday, even as his family expands its cryptocurrency ventures. A Trump-appointed regulator granted preliminary approval on Friday to World Liberty Trust Company to establish a bank charter. The company is affiliated with World Liberty Financial, founded in 2024 by President Trump's sons and the sons of Steve Witkoff, the Trump administration's special envoy to the Middle East. Armstrong cited an ethics provision in the bill, but Sen. Elizabeth Warren said it would not stop Trump from generating further crypto profits.