Coinbase Expects SEC Rules, Not Laws, After Midterms

The November 3, 2026 midterms gave Democrats control of both houses of Congress, which ended the Republican hold on the White House, Senate and House. Calvert spoke with the host about a White House review of an SEC proposal to ease rules for crypto brokers. Her central point was that legislation has stalled, so agency rulemaking is the more realistic route for crypto policy.

The Broker Rule and the GENIUS Act

Calvert placed the SEC proposal inside a wider regulatory programme, which includes implementing the GENIUS Act stablecoin law:

“This is one of the many rules the administration is reviewing through the SEC, CFTC, implementation of the GENIUS Act, these are mechanisms to make crypto better, safer, faster, cheaper in the United States,” she said.

• Why It Matters: Agency rules do not need 60 Senate votes. Rulemaking can therefore keep moving while the Clarity Act stays blocked.

Why the Clarity Act Stalled

The Clarity Act failed a Senate cloture vote in September 15, 2026 after last-minute negotiations over ethics restrictions, protections for software developers, and oversight of crypto trading businesses.

“We’ve got very close in September down to the wire and a few provisions prevented it from getting across the finish line,” Calvert said.

She was clear about the arithmetic facing any revived bill:

“We still need 60 votes to get across the Senate finish line and that will prove difficult even with fifty four, fifty five, fifty six Democratic votes.”

Democrats, Affordability and the Ballroom

The host said the industry had poured $200 million into the midterms. Calvert argued the incoming class includes more pro-crypto Democrats than any before it, and she defined the term narrowly: “they want clear rules for their constituents.”

The host then raised Democratic plans to investigate donors to the White House ballroom, including Coinbase’s reported $5 million contribution. Calvert said any inquiry rests with incoming committee leaders:

“Whether we see investigations, that’s up to the chairman who are coming in, the leadership.”

Calvert, Coinbase’s Vice President of U.S. Policy, cited the company’s public listing as its defence: “We are a public traded company. You can see what we’ve done, we are very transparent.”

What Comes Next

Two questions remain open.

The first is whether the SEC broker proposal clears White House review. The second is whether incoming Democratic chairs open inquiries into ballroom donors. Calvert’s position is that crypto is “not a niche issue” but part of everyday finance, and that rules, rather than laws, will deliver the framework.

Disclaimer: For information only, not financial advice. Views quoted are the speaker’s own. Crypto assets carry risk, so readers should do independent research.