A senior Coinbase executive has reaffirmed that the U.S. Digital Asset Market CLARITY Act remains on track for eventual passage, despite ongoing legislative delays that have contributed to market uncertainty. John D’Agostino, Head of Institutional Strategy at Coinbase, stated in a CNBC interview that while the process is taking time, it is understandable given the bill's foundational importance for the growth of the cryptocurrency asset class.
D’Agostino emphasized the complexity of the CLARITY Act, contrasting it with the narrower GENIUS Act stablecoin legislation enacted in July. He described the CLARITY Act as addressing the broader market structure, including how digital asset markets operate, interact with regulators, and protect investors, making it "far more complicated" than stablecoin-specific rules.
The comments follow recent statements from White House AI and crypto czar David Sacks, who in December suggested the groundbreaking market structure legislation could obtain approval as soon as January. D’Agostino expressed bullishness on its passage, citing greater global regulatory momentum, specifically pointing to the European Union's MiCA framework and regulatory efforts in the United Arab Emirates, as increasing pressure on the U.S. to act.
A significant driver for urgency is the talent exodus from the United States to other jurisdictions. D’Agostino warned that this trend could increase pressure on lawmakers to pass the CLARITY Act in 2026, fueled by anxiety that the U.S. is falling behind in transformational technologies like AI and blockchain.
The prolonged uncertainty has had tangible market effects. CoinShares reported that crypto investment products saw approximately $952 million in outflows for the week ending December 19, attributing the decline partly to delays in passing the CLARITY Act, which eroded investor confidence. However, veteran trader Peter Brandt tempered expectations, stating that while the legislation is important for long-term market health, its passage is unlikely to cause a major immediate move in Bitcoin's price.
