HSBC: Coinbase's opposition will not hinder the progress of the U.S. crypto market structure bill

HSBC stated in a report that Coinbase's recent withdrawal of support for the U.S. cryptocurrency market structure bill (CLARITY Act) will not derail the legislative process.

The report noted that although Coinbase CEO Brian Armstrong prefers "no bill over a bad bill," he is likely to accept a reasonable compromise. HSBC analysts Daragh Maher and Nishu Singla believe that establishing a legislative baseline is crucial for the stability needed for institutions to enter the market.