The Clarity Act, which seeks to establish a U.S. federal framework for digital assets, is likely to pass given broad support from crypto firms, law-enforcement groups and several banks, Coinbase CEO Brian Armstrong said.
The legislation was ready to be supported by the Senate, Coinbase CEO Brian Armstrong told CNBC's "Squawk Box Asia" on Thursday, saying people he has spoken with are on board with the legislation.
While Armstrong was upbeat about the prospects of the legislation getting the Senate's approval, he said even if that doesn't happen, the sector will get greater regulatory clarity.
"Frankly, if it doesn't pass, it's also going to be a good outcome because the SEC and the CFTC have said that they're ready to publish rulemaking, and we're going to get regulatory clarity one way or another on the 15th or the day or two after," he said.
Coinbase has been a vocal supporter of the Clarity Act, which aims to define oversight of digital assets between the Securities and Exchange Commission and the Commodity Futures Trading Commission, that's set for a Senate vote on Sept. 15.