HSBC: “High likelihood the US crypto market structure bill will pass despite Coinbase’s opposition”
Summary
- HSBC said the US digital asset market structure bill (the CLARITY Act) is likely to pass despite Coinbase’s opposition.
- HSBC said at least minimum legal standards are needed to bring the digital asset industry into the regulatory mainstream, and assessed that the bill in its current form could be favorable to the industry.
- Coinbase said it withdrew support for the market structure bill due to concerns including a possible ban on stablecoin interest payments, restrictions on tokenized stocks, and DeFi-related regulation.
HSBC said it believes the US digital asset (cryptocurrency) market structure bill, the CLARITY Act, is likely to pass despite opposition from Coinbase.
According to crypto-focused media outlet CoinDesk on the 28th (local time), HSBC said in a recent report that “although Coinbase has withdrawn its support for the bill, it may prefer a compromise to a scenario in which no legislation passes at all.”
HSBC stressed that at least minimum legal standards are needed to bring the digital asset industry into the regulatory mainstream.
HSBC assessed that “while the currently disclosed draft market structure bill is not perfect, the bill as it stands may be more favorable to the industry than a prolonged regulatory vacuum or the emergence of more unfavorable revisions under a future administration.”
Earlier, Coinbase had withdrawn its support for the market structure bill, citing reasons such as the possibility of a ban on stablecoin interest payments, restrictions on tokenized stocks, and concerns over DeFi-related regulation.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
