Coinbase head of institutional strategy John D’Agostino said the political battle over the U.S. crypto Clarity Act has moved into a late-stage decision window, even as fresh policy disputes remain unresolved. Speaking on The Wolf Of All Streets’ “Daily Wolf Report,” he said new White House ethics provisions and ongoing debate over jurisdiction between state attorneys general and the Department of Justice are still part of the discussion, but the push to get a deal done before Congress breaks for its August recess has intensified talks across both parties and among lobbyists and other stakeholders.
Coinbase, banks, and the final legislative push
D’Agostino said the Clarity Act has gone through bargaining among multiple interest groups and is now at a critical stage. In his telling, representatives from the crypto sector and the banking industry have both made concessions, which suggests a framework for a final agreement already exists. He said the latest White House ethics language and questions over how prosecutorial authority should be divided have added complexity, but pointed to the precedent of major financial legislation such as the Genius Act as evidence that a deal can still be finished on time.
Lobbying negotiations are still active
Crypto lobbyists, banks, and other interested parties are still negotiating and bargaining over the bill as the August recess approaches. D’Agostino said each side is trying to protect its own interests before lawmakers leave Washington, and that those concessions on both sides are helping the legislative process keep moving.
Stablecoins as a source of bipartisan support
D’Agostino said dollar-backed stablecoins could help build consensus in Congress. He argued that stablecoins support the dollar’s status as the world’s leading international currency and said the direct economic benefits that consumers receive from products such as USDC could also help bring Democrats and Republicans closer together on the issue.
Community banks are approaching Coinbase
He also pushed back on the broader narrative of capital flight. According to D’Agostino, a growing number of U.S. community banks are looking to work with crypto companies so they can offer customers more modern financial tools. He said community banks are in talks with Coinbase as they look to expand their banking businesses.
U.S. rulemaking still trails other jurisdictions
D’Agostino said countries and regions including Japan, Singapore, Hong Kong, and the United Arab Emirates have already put clearer crypto regulatory frameworks in place. He cited Japan’s changes to Bitcoin tax policy and the UAE’s explicit rules for decentralized finance, or DeFi. By contrast, he said the U.S. has moved more slowly on crypto regulation and is still trying to catch up with other markets. He added that the Commodity Futures Trading Commission’s recent no-action letter shows U.S. regulators are moving faster in an effort to preserve the international competitiveness of the domestic financial system.
He sees current market apathy as constructive
On market sentiment, D’Agostino described the current phase as one of “time-based capitulation.” He said broad investor indifference toward crypto may actually be positive for the market over the longer run. In his view, the period is pushing investors toward more cautious allocation decisions, and he said he does not see structural evidence that bearish sentiment will persist. Based on that reading, he said he remains optimistic and views the current environment as a buy-the-dip opportunity.