Crypto Exchanges Lobby US Senate to Remove Token Risk Rules from Market Structure Bill

Coinbase, Kraken, and Gemini Challenge Listing Restrictions

Major cryptocurrency exchanges Coinbase, Kraken, and Gemini reportedly pushed US lawmakers to remove a key provision from a proposed digital asset market structure bill that would have restricted which tokens could be listed for trading. The information comes from a Politico report published Friday.

The contested language would have required exchanges to only offer tokens that are “not readily susceptible to manipulation,” a standard critics say could significantly limit the number of smaller or emerging crypto assets available on US platforms.

Legislative Debate Over Market Structure and Regulation

The proposal was part of broader US market structure legislation, often referred to as the CLARITY Act after passing the House in 2025. The bill aims to clarify oversight responsibilities between the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC), giving the CFTC expanded authority over digital asset markets.

Following concerns raised by industry leaders, including Coinbase CEO Brian Armstrong, parts of the Senate process were delayed for further revisions.Coinbase chief policy officer Faryar Shirzad responded that:

Ongoing Negotiations Shape Crypto Policy Outlook

Lawmakers and industry participants are still negotiating key provisions, including token listings, stablecoin rules, and ethics-related safeguards. Despite disagreements, expectations remain that a revised version of the bill could move forward in the coming months, potentially marking a major shift in US crypto regulation.