Key Highlights
- Brian Armstrong said crypto spot trading could be close to a new bull run after a year-long downturn.
- Armstrong expects the CLARITY Act to pass the Senate with more than 60 votes on September 15.
- Bitcoin spot trading now accounts for about 12% of Coinbase’s revenue, according to Armstrong.
Coinbase CEO Brian Armstrong said the crypto market could be close to another bull run for spot trading, as Bitcoin’s latest rally pushes above $72,000 and the market nears the end of a year-long downturn.
Speaking to CNBC on Thursday from Washington, Armstrong said crypto spot trading has been in a bear market for about a year. He compared the current market with previous downturns, which he said usually lasted around 370 to 380 days. With the current period getting close to that range, Armstrong believes the market could be ready for a change.
“I think there’s a good chance we’re on the cusp of the next bull market for spot trading in crypto,” Armstrong said.
Bitcoin’s $72,000 rally adds to the hope
Bitcoin’s recent move above $72,000 is one of the signs Armstrong is watching.
He also pointed to the September 15 Senate vote on the Digital Asset Market Clarity Act, known as the CLARITY Act. The bill is expected to be an important test for the U.S. crypto industry as lawmakers work to create clearer rules for digital assets.
Armstrong said he expects the bill to receive more than 60 votes in the Senate. “I’m pretty optimistic it’ll get over 60 votes,” he said.
He said the bill has already received a large amount of work from both Democrats and Republicans in Congress. Armstrong said the legislation could help crypto companies, banks and law enforcement while also giving clearer protection to Americans who own digital assets.
Ethics questions remain unresolved
Still, the bill has one major issue that lawmakers are working through. That is the question of ethics rules linked to President Donald Trump and his family’s involvement in crypto.
Armstrong said the White House has offered an ethics proposal that could become part of the CLARITY Act. He said one option would involve moving the president’s funds into a blind trust. However, lawmakers are still discussing the details of the proposal.
Coinbase is growing beyond Bitcoin trading
While Armstrong expects crypto spot trading to improve, he said Coinbase is no longer as dependent on Bitcoin trading as it once was. About 12% of Coinbase’s revenue now comes from Bitcoin spot trading, according to Armstrong.
The company has been building other parts of its business while spot trading has remained weak. Armstrong pointed to crypto derivatives, prediction markets, stablecoin payments and tokenization of real-world assets as areas that have been growing.
Tokenized stocks and AI remain areas of expansion
Coinbase is also preparing to expand its tokenized equities business. Armstrong said the company has so far been able to offer the product outside the U.S. He said Coinbase plans to launch its tokenized equities product from Abu Dhabi the following week for customers outside the U.S.
Armstrong said the U.S. could eventually allow similar products if the Securities and Exchange Commission creates an innovation exemption for crypto securities and tokenized equities.
He also highlighted a newer area called agentic finance, or AIFI. Armstrong said the market is still in its early stage but could become very large as AI agents become more common. He expects these agents will need to make payments and carry out transactions as they perform tasks for people.
For now, Armstrong’s focus remains the possible return of stronger spot trading. With Bitcoin recovering, the CLARITY Act vote approaching and the current downturn nearing the length of past bear markets, he believes crypto could be getting close to its next major market move.
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