Coinbase and Other Crypto Exchanges Lobbied US Senate to Drop Risky-Token Provision

The US Senate is considering digital-asset market-structure legislation that initially sought to restrict trading platforms to listing tokens deemed “not readily susceptible to manipulation,” reducing risks from small tokens with thin liquidity and easily manipulated prices. Coinbase, Kraken and Gemini intervened in legislative negotiations, arguing that the standard could constrain their ability to list tokens.

Politico reported that Coinbase, Kraken and Gemini lobbied US senators to remove the risky-token provision, underscoring the industry’s influence over the bill’s wording. The report did not disclose the exact dates of the lobbying, the amount spent or the number of senators involved. It also remains unconfirmed whether the provision has been formally removed.