Coinbase, Kraken and Gemini Push for Softer Crypto Listing Rules in US Bill

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• Coinbase, Kraken, and Gemini reportedly asked lawmakers to remove anti-manipulation language from a US crypto market structure bill.
• The provision would require exchanges to list only digital assets “not readily susceptible to manipulation.”
• Exchanges reportedly argued the rule could make it harder to list smaller crypto tokens.
• The legislation would expand the CFTC’s authority over digital commodity markets.
• Coinbase stated the industry supports stronger oversight and anti-fraud protections for digital asset markets.

Major cryptocurrency exchanges Coinbase, Kraken, and Gemini have asked U.S. lawmakers to remove a key anti-manipulation provision from a bipartisan digital asset market structure bill under consideration in the Senate.

The provision would require crypto trading platforms to list only digital assets that are “not readily susceptible to manipulation.” The exchanges argued that the language could make it significantly harder to list smaller, lower-volume tokens. According to reports, the request was made in a red-line document submitted after the Senate Agriculture Committee advanced its portion of the legislation in January 2026.

Industry Concerns Over Smaller Tokens

People familiar with the discussions said the exchanges are concerned that tokens with limited trading activity could more easily experience sharp price swings, making it difficult to certify compliance with the proposed standard.

Coinbase Federal Policy Director Robin Cook described the issue as a “chicken-and-egg problem,” noting that smaller tokens often need to be listed on major exchanges to build sufficient liquidity and reduce manipulation risks. The exchanges have also argued that spot crypto markets differ from traditional futures and derivatives markets already regulated by the Commodity Futures Trading Commission (CFTC), and should therefore be subject to tailored rules.

Coinbase Calls Report “Old News”

“We’ve entered the ‘leak months-old negotiating docs and pretend it’s a scandal’ phase of crypto legislation,” Shirzad wrote. He added that the CLARITY legislation is the result of “months of bipartisan work” and includes some of the strongest consumer protection rules of any crypto bill to date.

Coinbase Chief Policy Officer Faryar Shirzad responded to the report on social media, stating the issue was not new and had been openly debated during negotiations.

Bill Would Expand CFTC Oversight

The proposed legislation, often referred to as the CLARITY Act, aims to create a comprehensive federal framework for digital assets. It would significantly expand the CFTC’s authority over digital commodities, including assets similar to Bitcoin and Ether.

Currently, the CFTC has limited direct oversight of spot crypto trading. The Senate Agriculture Committee approved its version of the bill in late January along party lines. A separate section addressing securities falls under the Senate Banking Committee, where negotiations are still ongoing. Exchanges are reportedly continuing to lobby for changes related to smaller token listings in the Banking Committee’s portion of the bill as well.

Industry Position: In a joint statement, Coinbase, Kraken, and Gemini said the crypto industry has worked with Congress for years to bring digital asset markets under comprehensive federal oversight. The companies emphasized their support for stronger rules against fraud and manipulation, noting that millions of Americans currently trade digital assets without full federal protections. The lobbying efforts come as major platforms face operational pressures. Gemini recently reduced its workforce by nearly 30%, while Coinbase announced plans to cut approximately 14% of its global staff as part of restructuring initiatives.

Source: Politico (May 8, 2026)