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

According to CoinDesk, HSBC analysts pointed out that despite Coinbase's withdrawal of support, the legislative process for the U.S. crypto market structure bill will not be stalled.

The analysis suggests that although Coinbase CEO Brian Armstrong has stated he "would rather have no bill than accept a bad bill," 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 years of "regulation by enforcement" in the U.S., clarifying the SEC's regulatory authority over securities and the CFTC's authority over commodities, laying a legal foundation for institutional investors such as hedge funds and corporate capital to enter the market on a large scale.

Analysts noted that industry leaders like Ripple continue to advocate that "clarity is better than chaos," and significant funding from the Fairshake political action committee is also driving the legislative process. Even if the current draft is not perfect, it may be more favorable than versions that could emerge under different political circumstances in the future. If a comprehensive agreement cannot ultimately be reached, the Senate Agriculture Committee's version may still pass first, thereby enhancing market integrity through CFTC regulation.