El ejecutivo de Coinbase defiende el retraso de la Ley CLARITY: 'Lo comprendo completamente'

U.S. lawmakers passed the Digital Asset Market Clarity Act in July 2025 but remain stalled in the Senate, with a markup session expected in January 2026. The bill seeks to clarify whether digital tokens fall under SEC or CFTC oversight, resolving years of regulatory ambiguity. The legislation, if passed, would formally divide oversight responsibilities, potentially accelerating institutional adoption and product launches according to market analysis.

Coinbase executives have publicly supported the bill but acknowledged the delay, with the company’s head of investment research calling the 2025 regulatory progress a turning point for digital assets. The firm managed $516 billion in assets in Q3 2025, equivalent to 16% of the total crypto market capitalization.

The U.S. government also passed the GENIUS Act in 2025, establishing the first federal framework for dollar-backed stablecoins. This introduced reserve requirements and transparency standards, helping transition stablecoins from experimental tools to regulated financial infrastructure.

Why Did the CLARITY Act Pass in the House But Face Senate Hurdles?

The CLARITY Act passed the House in July 2025 with bipartisan support but faces delays in the Senate. Banking Committee Chair Tim Scott confirmed a markup session for January 2026, with a floor vote expected in the first half of the year.

The bill would end jurisdictional uncertainty by dividing oversight between the SEC and CFTC, clarifying whether assets are commodities or securities.

The delay is partly due to the historically long government shutdown in 2025 and debates over how to regulate decentralized finance. Pro-crypto lawmakers pushed for a market-structure bill but ended the year without a final vote.

How Are Market Participants Reacting to the Regulatory Uncertainty?

Market participants have expressed concerns over the delay but remain cautiously optimistic. Coinbase’s chief policy officer noted that restrictions on stablecoin rewards could weaken the U.S. position in digital payments, particularly as China allows commercial banks to pay interest on digital yuan wallets in 2026.

The CFTC confirmed its new leadership in late 2025, with Michael Selig sworn in as chair. Industry experts expect the CFTC to play a key role in opening the floodgates for institutional products like Bitcoin futures and options.

At the same time, the SEC outlined Project Crypto, a rulemaking initiative aimed at clarifying token taxonomy. Most tokens are expected to be classified as non-securities, reducing the regulatory burden for many digital assets.

What Are Analysts Watching for in 2026?

Analysts are closely monitoring how the CLARITY Act will shape the U.S. crypto market structure. If passed, it could enable faster ETF approvals and broader institutional participation. The SEC recently reduced approval timelines for crypto ETFs from 240 days to 75 days.

Coinbase is also preparing for an all-in-one exchange that includes crypto, stocks, and commodities. The firm sees favorable conditions ahead as regulatory clarity improves and stablecoins become more embedded in traditional financial workflows according to company guidance.

The U.S. is not the only country making progress. The UK, Singapore, and the EU’s MiCA framework have driven adoption of compliant stablecoins, with global stablecoin market cap topping $250 billion by year-end 2025.

The CLARITY Act delay has created uncertainty, but Coinbase executives argue the bill’s passage is inevitable. With regulatory clarity improving and institutional participation deepening, the firm expects 2026 to be a year of compounding growth in the digital asset market according to management commentary.