The Transparency Act is more complex than the Stablecoin bill, according to Coinbase
Crypto journalist
Anas Hasan
Crypto journalist
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Coinbase's head of institutional strategy said that comprehensive crypto market structure legislation will take longer to finalize than stablecoin regulations, but binary momentum will carry the bill by the end of 2026.
John D'Agostino told CNBC that regulatory transparency and accelerated flight of talent abroad will create an urgent push to establish federal frameworks this year.
The Senate Banking Committee has scheduled the CLARITY Act's markup for January 15 after months of delays due to controversies related to decentralized financial regulation, token allocation standards and stablecoin production limits.
D'Agostino acknowledges the complexity, saying that “market structure is complex” and “sees structural simplicity rather than market structure accounts.”
Regulatory momentum builds despite technical hurdles.
D'Agostino emphasized that market structure legislation represents the foundational infrastructure for crypto growth, ensuring extended negotiations despite industry frustrations.
“The rest of the world is moving forward,” he said, citing the European MCA framework and regulatory transparency in jurisdictions like the UAE as a competitive threat that would force congressional action.
While forecast markets offer mixed prospects for the first quarter, D'Agostino expressed strong optimism based on global competitive dynamics.
“By 2024, we've seen this massive flight of talent, people, intellectual capital and technological growth out of the US,” he explained.
Through the GENIUS Act, he argued, the same urgent legislation that led to the stable coin law would overcome any remaining disagreements when lawmakers returned from recess.
The current draft of the CLARITY Act would assign primary jurisdiction over non-security fungible tokens that meet the CFTC's decentralization tests, tying SEC oversight to ongoing regulatory efforts and revenue-sharing features.
Lobbyists reviewing the latest redlines indicate that the bill will treat DeFi front-end operators and fee-collecting DAOs as registrants.
Banking Committee members from both parties told industry groups not to repeat previous cycles in which House-approved digital asset bills died in the Senate without a committee vote.
Binary Manager creates a clean signal path to 60 floor sound that provides enhancement. However, the workers expect aggressive reforms in DeFi protection, block enforcement and crypto-native stablecoin rewards in retirement accounts.
The Stablecoin Framework provides a road map for broader reform
D'Agostino points to the success of the GENIUS Act as evidence that overall regulatory transparency unlocks institutional adoption.
“We're seeing the tip of the iceberg in stable coin launches since that genius bill was passed and proposed and people understand how to comply with it,” he said.
The stablecoin framework has allowed major financial institutions such as JP Morgan and Citigroup to enter the market, allowing companies with strong consumer ecosystems to experiment with popular payment tokens.
D'Agostino predicted that the Market Structure Act would create similar openings for non-financial companies looking to integrate blockchain into supply chains and customer interactions.
Beyond enabling traditional institutions, comprehensive frameworks reduce regulatory risk for companies operating on the crypto-technical frontier.
D'Agostino said the transparency of the market structure “allows non-crypto-native institutions to take on a unique regulatory risk that gives them the confidence to engage their customers on a blockchain or crypto platform.”
Banking Industry Pushback Threatens Stablecoin Innovation
While celebrating the passage of the Genius Act, D'Agostino warned that traditional banking interests are pushing for limits on stablecoin products in the ongoing Senate debate.
Faryar Shirzad, Coinbase's chief policy officer, has raised concerns that limiting rewards could undermine the global competitiveness of dollar-backed stablecoins as China moves to create digital yuan interest from January 1, 2026.
D'Agostino rejected bankers' arguments that the stablecoin deposit-backed lending models, which are profitable, are at risk.
Banks currently earn about 4% on reserves held by the Federal Reserve, which has little incentive to share revenue, while stablecoin platforms see the benefit to users as a core product value.
Senator Cynthia Lammis reinforced the industry's urgency, saying that “unclear rules have pushed digital asset companies offshore” and emphasized the bipartisan commitment to establishing clear mandates and strong protections.
Although government shutdowns disrupt the legislative calendar, D'Agostino said competitive pressure from jurisdictions that provide regulatory certainty will force congressional action once members return to work.
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