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Coinbase, Kraken, and Gemini Pushed to Remove Anti-Manipulation Language From Crypto Legislation
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A Politico report published Friday revealed that Coinbase, Kraken, and Gemini lobbied US lawmakers to remove a provision from the digital asset market structure bill that would have required platforms to only list tokens "not readily susceptible to manipulation." The three exchanges pressed senators to strip the language after the Senate Agriculture Committee advanced its version of the bill in January, arguing the provision could make it difficult for platforms to list smaller tokens that would struggle to meet such a standard. The edit ultimately made it into the legislation, reflecting the significant influence major crypto companies have developed in their communications with the Trump administration and Capitol Hill. Coinbase's chief policy officer Faryar Shirzad pushed back on the framing of the report, calling it "old news" and noting the issue was addressed during the Agriculture Committee markup process rather than representing any improper behind-the-scenes intervention.The episode illustrates a tension that runs through the entire crypto market structure debate: exchanges have a direct commercial interest in being able to list as many tokens as possible, since listing fees and trading volume on smaller tokens represent meaningful revenue.
Anti-manipulation language, however broadly or narrowly defined, creates legal liability for platforms that list assets later found to have been manipulated, giving exchanges strong incentive to resist such provisions regardless of what consumer protection benefits they might provide. The market structure bill, called the CLARITY Act when it passed the House in July 2025, would give the Commodity Futures Trading Commission expanded authority over digital asset oversight. Whether the final version retains any meaningful consumer protection language around token listing standards will be one of the most closely watched elements of the bill as it moves toward a Senate vote.
