Crypto In America If Market Structure Fails: Austin Campbell on How the U.S. Stays the Crypto Capital
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Jan 14, 2026 Austin Campbell, co-founder of Zero Knowledge Group and NYU Stern adjunct professor, shares his insights on the complexities of the GENIUS Act and the challenges of U.S. crypto regulation. He discusses why he believes the bill might not pass and highlights the debate over stablecoin yields versus traditional banks. Austin also explores the promise of ZK proofs for privacy, the global competitive landscape for stablecoins, and the necessity for traditional finance to adapt or be left behind in the evolving crypto landscape.
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Crypto As A Capital-Markets Upgrade
- Austin frames crypto in America as a tech-driven upgrade to U.S. capital markets, fixing operational failures like settlement and inventory tracking.
- He sees crypto as accelerating improvements that benefit American financial dominance globally.
GENIUS Fixes Money, Not Market Structure
- Austin says the GENIUS Act largely makes stablecoins like government money market funds: bankruptcy-remote and transparent.
- He calls it foundational for payments but limited to money and doesn't solve broader market-structure issues.
Plan For Banking-Regulator Implementation
- Expect coordinated implementation by banking regulators for GENIUS because Congress clearly assigned jurisdiction to them.
- Prepare for slow rollout due to regulator resource and tech expertise constraints.
