Coinbase CEO Brian Armstrong has said he expects the long-awaited U.S. crypto market structure bill to pass by the end of the year. His comments come as the federal government shut down enters its thirty-third day. Armstrong’s optimism comes amid growing bipartisan consensus in Washington over how to regulate the crypto industry and protect innovation.
Armstrong Urges Protection for DeFi, Stablecoins in Crypto Market Bill
Armstrong, speaking from Capitol Hill, said both Senate Democrats and Republicans are “90% on the same page” about the crypto market framework. This is designed to clarify the rules for trading, custody, and stablecoin operations. The Coinbase CEO described the ongoing talks as “the closest the U.S. has ever been to clear crypto legislation.”
DC may be shut down, but momentum for market structure clarity is at an all-time high. I sat down with Senate Democrats and Republicans who want to get this done – we’re 90% there.
Both sides are working hard to figure out the final 10%, and we’re getting close.@Coinbase is… pic.twitter.com/EI5sShFvKA
— Brian Armstrong (@brian_armstrong) October 23, 2025
A similar bipartisan tone was recently echoed when senators reaffirmed their commitment to advance the Crypto Market Structure Bill. “Draft texts are being exchanged between both parties,” Armstrong said. “We’re down to the last 10%, and both sides want to get this done.” According to Armstrong, the remaining disagreements revolve around two critical points.
These are how decentralized finance (DeFi) should be treated, and how stablecoin rewards should be protected for users. Coinbase also urged lawmakers to ensure that decentralized protocols and software remain outside the scope of traditional regulatory oversight intended for centralized entities.
Armstrong also warned that major banks are attempting a “cash grab” to block crypto users from earning legitimate rewards. He cited the recently enacted Genius Act which reaffirmed the legality of stablecoin incentives. The Coinbase CEO further argued that traditional finance players should not be allowed to undermine this progress.
Armstrong Sees Senate Committee Approval by Thanksgiving
Despite Washington’s political gridlock and the ongoing government shutdown, Armstrong said the momentum around the market structure bill remains strong. He expects the proposal to clear its Senate committee stage by Thanksgiving.
If this happens, it would set up a potential full vote before the year’s end. This timeline aligns with broader market anticipation ahead of the next Federal Reserve meeting scheduled for October 29.
“This is about protecting innovation while ensuring that centralized intermediaries like Coinbase operate under clear rules,” Armstrong said. “We’re going to keep showing up for your rights and make sure fair legislation gets through.”
Paul Grewal, Coinbase’s Chief Legal Officer, reinforced that position in his comment on X about the Market Bill. “If you want to protect people, regulate CEXs like us. Not DeFi software or protocols. It’s not hard,” he wrote. Grewal’s comment highlights Coinbase’s core stance.
