Coinbase Research Director: Regulatory clarity is driving the transformation of the crypto industry into an emerging pillar of global financial infrastructure

Coinbase's Head of Investment Research, David Duong, stated, "Despite the recent lackluster performance of cryptocurrency prices, this remains an unusual and transformative period for the crypto ecosystem. I believe that the core characteristics of this asset class continue to be the accelerating adoption by institutions and a broader, more diverse investor base reshaping overall demand. In other words, the full potential of the crypto industry is still far from being fully realized. One of the key factors driving the shift of the crypto industry from a niche market to an emerging pillar of global financial infrastructure is the evolving regulatory environment. As the global regulatory framework becomes clearer, the U.S. is moving towards the clarification of stablecoin regulation and market structure, while Europe is advancing and integrating the MiCA regulations. The way institutions formulate strategies, manage risks, and ensure compliance is fundamentally changing. The direct result is that operational readiness is genuinely in place: clearer policy guardrails create feasible conditions for product innovation, market maturation, and the deep embedding of crypto rails into payment and settlement systems. This is the cornerstone for building the next phase of institutional adoption."