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…