ChainCatcher reports, according to Politico, that Coinbase, Kraken, and Gemini proposed earlier this year to lawmakers the removal of a provision in the digital assets bill requiring crypto exchanges to list only digital assets that are “not susceptible to manipulation,” as they feared this would make it harder to list low-market-cap tokens. This amendment followed a January vote by the Senate Agriculture Committee to advance the bill. The CFTC has long required exchanges to “self-certify” that the futures contracts they list are not susceptible to manipulation, a standard crypto companies argue does not apply to the spot crypto market. The three exchanges stated they have been working with Congress for years to bring the digital asset market under comprehensive federal regulation. Robin Cook, Director of Federal Policy at Coinbase, said they aim to ensure consumers are protected by standards appropriate for spot trading.
Coinbase, Kraken, and Gemini Advocate for More Flexible Rules on High-Risk Digital Assets in Senate Bill
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Summary
Coinbase, Kraken, and Gemini are advocating for more lenient regulations on risk-on assets in a Senate bill, lobbying to remove a provision that would require exchanges to list only “non-manipulable” tokens. The companies argue that the rule would negatively impact listings of small-cap tokens. The Senate Agriculture Committee advanced the bill in January. The exchanges contend that the CFTC’s self-certification standard applies to futures markets, not spot markets. These three firms are collaborating with Congress to establish federal oversight. Coinbase’s Robin Cook emphasized the importance of consumer protection in spot trading.
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