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PANews reported on January 29th, citing CoinDesk, that HSBC analysis indicates that despite Coinbase withdrawing its support, the legislative process for the USPANews reported on January 29th, citing CoinDesk, that HSBC analysis indicates that despite Coinbase withdrawing its support, the legislative process for the US

HSBC: Coinbase's opposition will not hinder the passage of the US crypto market structure bill.

Author: PANews

Source: PANews

2026/01/29 10:31

News Brief

HSBC's recent analysis suggests US crypto market structure legislation will probably advance, despite Coinbase withdrawing its backing. Although CEO Brian Armstrong stated he'd "prefer no bill over accepting a flawed one," analysts believe he may yet embrace a sensible middle ground. This legislation is crucial because it delivers the regulatory certainty institutions require before committing capital. The bill's core objective is ending "regulation by enforcement" in America—clearly separating SEC jurisdiction over securities from CFTC authority over commodities. Such distinction creates a workable legal structure enabling hedge funds and corporate investors to participate confidently. Therefore, industry leaders like Ripple continue advocating for "clarity instead of confusion," while substantial Fairshake PAC funding helps drive momentum. Even an imperfect current draft likely beats whatever might emerge under future political shifts. Should comprehensive agreement prove elusive, the Senate Agriculture Committee's standalone version could still pass, thereby strengthening market integrity through enhanced CFTC supervision.

PANews reported on January 29th, citing CoinDesk, that HSBC analysis indicates that despite Coinbase withdrawing its support, the legislative process for the US crypto market structure bill will not be stalled. The analysis suggests that while Coinbase CEO Brian Armstrong has stated he would "rather have no bill than accept a bad one," he may still accept a reasonable compromise. The report emphasizes that legislation is crucial for providing the stability needed for institutional entry. The core of the bill aims to end the long-standing practice of "regulation through enforcement" in the US, clarifying the SEC's regulatory authority over securities and the CFTC's over commodities, laying the legal foundation for large-scale entry of institutional investors such as hedge funds and corporate funds into the market.

Analysts point out that industry leaders like Ripple continue to advocate for "clarity over confusion," while significant funding from the Fairshake PAC is also driving the legislative process. Even if the current draft is imperfect, it may be more advantageous than versions that emerge under different political circumstances. If a comprehensive agreement ultimately fails, the Senate Agriculture Committee's version may still pass first, thereby enhancing market integrity through CFTC regulation.

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