Will Market Structure Pass In 2026?

Austin Campbell is the co-founder of Zero Knowledge Group and an adjunct professor at NYU Stern. As the market structure vote nears, he shares a contrarian take on why he believes the bill is unlikely to pass.

A leading voice on stablecoins, Austin unpacks what the implementation of the GENIUS Act could mean for institutions, weighs in on the the banks-versus-crypto stablecoin yield debate, how U.S. regulation stacks up globally, and what the U.S. must do to remain the crypto capital even if the legislation falls short. He also dives into ZK proofs, why institutions are still hesitant to adopt them, and the risk-mitigation lessons he’s bringing to crypto from his background in traditional finance.

This episode is sponsored by Gemini: https://gemini.com/CIA 

Watch On YouTube: https://youtu.be/Z7yjItDb3SU

Please note that this podcast is for informational purposes only and any views shared by anyone on the show are opinions, not financial advice. The host or guests may have a direct or indirect financial interest in content mentioned in this episode.

This show is powered by Sei.

Learn more about Sei: 

https://www.sei.io/

Follow Crypto in America: https://x.com/CryptoAmerica_

Follow Sei: https://x.com/SeiNetwork

Follow our hosts

Jacquelyn: https://x.com/jacqmelinek

Gerald: https://x.com/thatgerald

Eleanor: https://x.com/EleanorTerrett

TIMESTAMPS:

0:00 - Welcome Austin Cambell To Crypto In America

0:45 - What Does ‘Crypto In America’ Mean To Austin?

2:00 - What Does Market Structure Actually Solve?

6:45 - Will ‘GENIUS’ Implementation Be Successful? 

9:45 - Thoughts On Banks Relitigating GENIUS 

16:00 - China Allowing Yield On Digital Yuan - Will That Influence US regulation? 

16:45 - Stablecoin Policy In US vs. Globally 

20:45 - Tokenization Evolution 

23:20 - Zero Knowledge - most promising applications for ZK proof

26:00 - Where We Stand With Institutions Currently

29:00 - Institution Compliance vs. Privacy Tools

32:50 - Verifying Trust - The Importance Of US Stablecoins To Deter Bad Actors

35:00 - Will ZK Proofs Solve Privacy For Institutions?

37:00 - What Makes Good US Regulation?

42:00 - What Is Still Holding Institutions Back? 

46:45 - Expanding The Dollar Globally (Crypto Euro Dollar) 

52:00 - Risk Management Lessons From Trad-Fi

57:30 - Thoughts On Risks In Market Structure Bill

1:00:00 - Getting Rid Of Blockchain Specific Regs

1:01:30 - Why Market Structure Won’t Pass

1:04:15 - Non Financial Implementations Of Blockchains 

1:06:00 - Thanks Austin For Coming On The Show!

#crypto #bitcoin #blockchain #investing #technology #america