Coinbase (COIN) pushback notwithstanding, U.S. crypto market structure bill still on track, HSBC says
HSBC believes the U.S. crypto market structure bill will proceed despite Coinbase's opposition, citing strong momentum for regulatory clarity.Summary
HSBC analysts assert that Coinbase's withdrawal of support will not derail the proposed U.S. crypto market structure legislation, as legislative momentum for regulatory certainty remains strong. The bill is crucial for establishing clear jurisdictional lines between the SEC and CFTC, which is necessary to attract institutional investors. While Coinbase CEO Brian Armstrong opposed the bill, preferring no legislation over a flawed one, HSBC suggests industry heavyweights prioritize long-term stability. The bank points to support from entities like Ripple and the influence of the Fairshake PAC, noting that even an imperfect current draft might be preferable to future iterations. Furthermore, HSBC anticipates an incremental win via the Agriculture Committee's bill, which would strengthen CFTC oversight and market integrity.
(Source：CoinDesk)