Brian Armstrong, chief executive of Coinbase, is scheduled to meet with Republican senators on Wednesday ahead of a pivotal Senate Banking Committee vote on the CLARITY Act expected Thursday, according to reports circulating among crypto policy observers and congressional staff.

The meetings come during one of the most consequential weeks yet for U.S. cryptocurrency regulation, as lawmakers prepare to advance revised legislation that would establish a federal framework governing digital asset markets, stablecoins and decentralized finance platforms.

The Senate Banking Committee is expected to hold a markup hearing Thursday morning on the latest version of the Digital Asset Market Clarity Act after months of negotiations between lawmakers, banking groups, crypto companies and White House officials.

According to reports, Armstrong plans to participate in discussions with Senate Republicans over lunch on Wednesday as lawmakers attempt to secure enough support for the legislation before committee voting begins.

The revised Senate draft spans more than 300 pages and includes updated provisions tied to stablecoin rewards, decentralized finance protections and federal oversight standards for digital assets. Senate Banking Committee Chair Tim Scott described the latest version as legislation designed to provide “certainty, safeguards, and accountability” while keeping blockchain innovation within the United States.

The upcoming vote follows a failed January attempt to advance the bill after Coinbase withdrew support over concerns surrounding restrictions on stablecoin rewards programs and decentralized finance protections.

Since then, lawmakers and industry participants have negotiated revised compromise language allowing certain activity-based stablecoin rewards while still restricting passive yield programs that banking groups argue could compete with traditional deposits.

Crypto Industry and Banks Intensify Lobbying Efforts

The legislation has become the center of an intense lobbying battle between crypto companies and traditional banking organizations. Banking trade groups including the American Bankers Association continue pressing lawmakers to tighten stablecoin restrictions before Thursday’s vote, arguing that stablecoin reward systems could accelerate deposit outflows from traditional banks.

At the same time, Coinbase and other crypto firms have intensified efforts to secure passage of the legislation, arguing that regulatory uncertainty is pushing innovation and digital asset development overseas. Coinbase Chief Policy Officer Faryar Shirzad recently described the upcoming committee vote as a “big step forward” for the industry.

Armstrong has recently softened earlier opposition to the bill following revisions negotiated between Senators Thom Tillis and Angela Alsobrooks. During a recent public discussion on X, Armstrong said not every industry participant “got everything they wanted” but indicated the revised compromise preserved the sector’s core priorities.

Coinbase executives have also indicated growing confidence that the legislation could ultimately pass later this year. Armstrong said during the company’s recent earnings call that he expects Senate floor consideration during early summer, with potential final legislation by late summer if negotiations continue progressing.

The legislation would establish clearer jurisdictional boundaries between the Securities and Exchange Commission and Commodity Futures Trading Commission while creating federal standards for stablecoin issuance and digital asset trading platforms.

Ethics Debate Emerges as Key Political Obstacle

Despite growing momentum, significant political disagreements remain unresolved ahead of Thursday’s vote. Democratic lawmakers continue demanding ethics provisions restricting cryptocurrency business involvement by senior government officials, an issue that has emerged as one of the final major sticking points.

Kirsten Gillibrand recently said Democrats would not support the legislation without conflict-of-interest language tied to public officials and digital asset ventures.

Meanwhile, Elizabeth Warren criticized the revised draft, arguing it lacks sufficient restrictions preventing federal officials from benefiting financially from cryptocurrency businesses while shaping related legislation.

Industry analysts said Thursday’s markup vote will likely determine whether Congress can advance the first comprehensive U.S. crypto market structure framework before the end of 2026. Several observers expect the legislation to pass out of committee even if bipartisan support remains limited at this stage.