John D’Agostino, Coinbase Institutional’s head of strategy, said crypto markets’ recovery after the US Clarity Act failed showed infrastructure resilience. He cited fintech and onboarding announcements and broader participation—not just prices.
After the bill failed, D’Agostino said the SEC and CFTC moved quickly with rules and guidance, which he viewed as nearly as good as legislation in its absence. He also agreed Coinbase was in a stronger economic position after its stablecoin yield rose the day after the vote, but said the company would have given up that advantage to secure a market-structure law.
D’Agostino said Coinbase’s tokenization model would start in Abu Dhabi, with tokens backed one-to-one by the underlying equity and traditional rights for holders; the company hopes to extend access to US investors. He said on-chain assets could eventually broaden retail access to investments and improve lending while lowering transaction and financing costs, but cautioned that being on-chain does not itself make an asset a good investment.
