In a significant move, major cryptocurrency exchanges Coinbase, Kraken, and Gemini have reportedly rallied US senators in the Senate to remove critical language from a pending market structure bill. This language potentially places restrictions on tokens deemed 'not readily susceptible to manipulation.'
Changes to the Market Structure Bill
As discussions surrounding the digital asset market structure bill unfolded earlier this year, the three exchanges sought to eliminate stipulations that could complicate the listing of smaller, potentially manipulable tokens. According to a recent report by Politico, their efforts aimed to ensure greater flexibility in trading these tokens without the increased regulatory burden the original provisions would impose.
The Legislative Landscape
The requested amendments emerged after the Senate Agriculture Committee progressed their version of the bill, known as the CLARITY Act, which passed through the House of Representatives in July 2025. This legislation, if enacted, would empower the Commodity Futures Trading Commission (CFTC) with enhanced regulatory authority over digital assets. The timing of the exchanges’ lobbying efforts illustrates their significant influence on lawmaking, particularly in an era where communication with lawmakers is intensified.
Coinbase CEO Brian Armstrong later voiced apprehensions that the exchange could not back the legislation in its current format, specifically flagging concerns regarding tokenized equities.
Prospects for the Bill
Recent developments indicate a possible compromise on the bill, with two US senators announcing negotiations surrounding stablecoin yields that could facilitate the progress of the CLARITY Act. While some lawmakers are pushing to integrate ethics language addressing potential conflicts of interest, optimism surrounding the bill's passage is tangible.
- Coinbase's VP of US Policy, Kara Calvert, hinted at a markup in the banking committee as early as next week.
- Speculations suggest the bill could see a vote in the Senate before the August recess, with hopes for a July 4 approval deadline from the White House.
As cryptocurrency regulation remains a hot topic, industry leaders are closely monitoring how such legislative efforts will shape the future of digital currencies in the US.
For more updates, visit our source: Cointelegraph.
