Coinbase CEO Brian Armstrong said U.S. crypto markets will get greater regulatory clarity regardless of how the Senate’s scheduled Sept. 15 vote on the CLARITY Act turns out.

The bill needs 60 votes to advance, and ethics provisions remain among the issues still under negotiation as the vote approaches.

This is not simply a bet on one piece of legislation. Armstrong is framing the vote as a fork with two viable outcomes rather than a binary pass-or-fail moment for the industry.

If the bill fails, Armstrong said, the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) have indicated they are prepared to publish rulemaking shortly after, which he argued would…