- John D’Agostino of Coinbase said the CLARITY Act delay is understandable because market-structure legislation is complex.
- He expects crypto market-structure reform to materialize around 2026, though exact timing is uncertain.
- He called the GENIUS Act “transformative” but noted it addresses narrower issues than a full market-structure bill.
- D’Agostino warned the U.S. risks falling behind as Europe and the UAE roll out clearer crypto rulebooks, citing MiCA as an example.
- The CLARITY Act passed the House July 17, 2025, but still needs Senate approval.
On Friday, John D’Agostino, Head of Strategy at Coinbase Institutional, said he understands the CLARITY Act’s delay and framed it as a market-structure issue, as reported when he said he understands the CLARITY Act’s delay and later spoke to CNBC about the timeline. He said the legislation is slower by design because it must set broad rules for how the crypto industry is regulated.
D’Agostino said crypto market-structure reform is likely in 2026 but cautioned that timelines remain uncertain due to the legislation’s complexity. He explained that bills defining how an entire market is regulated take longer than narrower rules. “Market structure is complicated,” he said, and added “It should take a bit more time.”
He described the GENIUS Act as “transformative” while noting it focused on specific areas rather than the larger market-structure framework. D’Agostino said a comprehensive law would clarify how different crypto assets are categorized and which agencies oversee trading activity.
D’Agostino pointed to faster moves abroad, referencing Europe’s Markets in Crypto-Assets Regulation (MiCA) and rules in the UAE as examples of clearer rulebooks already in place. He warned the U.S. should avoid falling behind on transformational technologies and cited concerns about talent leaving the country by 2024.
The CLARITY Act (Digital Asset Market Clarity Act of 2025, H.R. 3633) passed the House on July 17, 2025, by 294–134 but still requires Senate approval. Coinbase shares traded at $236.53, up nearly 5% on Friday, with after-hours movement noted and retail sentiment on social platforms remaining bearish.
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