Coinbase seems to be following Trump's lead as it also attempts to push through all cryptocurrency legislation in one go.

Written by: Veronica Irwin, unchainedcrypto

Compiled by: Shan Ouba, Golden Finance

In recent months, President Trump has been urging Congress to pass a tax bill rather than several smaller bills to address budget issues. He referred to it as a "big and beautiful bill."

Coinbase seems to be following Trump's lead as it also attempts to push through all cryptocurrency legislation in one go.

According to six informed sources, lobbyists and executives from the leading cryptocurrency exchange Coinbase are pushing Congress to draft a comprehensive regulatory framework bill for most crypto assets while passing stablecoin legislation.

The stablecoin bill will cover key issues such as which agency regulates issuers, reporting and auditing requirements, and clarifying the qualified collateral needed for blockchain-issued digital dollars. However, the market structure legislation is more complex, as it will establish a set of rules that clarify when tokens are considered commodities or securities, and how cryptocurrency exchanges (like Coinbase) should register with regulatory bodies such as the SEC (Securities and Exchange Commission) and CFTC (Commodity Futures Trading Commission). The market structure bill is crucial for Coinbase, as it sells over 200 digital assets on its platform and offers various services such as staking and custody.

Kara Calvert, Coinbase's Vice President of U.S. Policy, stated, "The crypto market is a complete system that requires comprehensive solutions. We believe that when legislation is passed into law, it must cover all these different areas." She also emphasized that Coinbase is not pushing this legislative agenda in isolation, adding, "Ultimately, we hope that all relevant laws can take effect simultaneously or nearly simultaneously to prevent regulatory gaps in the market."

However, due to the complexity of the market structure bill, many industry insiders are concerned that Coinbase may be gambling on a high-risk strategy and missing important opportunities in the industry. A lobbyist critical of Coinbase's strategy remarked, "Most people think this is a bad idea. We should first secure a 'low-hanging fruit' victory in the stablecoin space before tackling the market structure legislation."

Progress on Stablecoin Legislation

Currently, Congress has not passed any standalone laws specifically targeting cryptocurrencies, but legislation surrounding the $233 billion stablecoin market is much closer to fruition than bills regulating the overall $2.97 trillion crypto market.

The Senate version of the stablecoin bill, the "GENIUS Act," passed the Senate Banking Committee two weeks ago and is ready to move to a full Senate vote. Meanwhile, the House version of the stablecoin bill has not made similar progress, with only two legislative drafts released so far. However, a congressional staffer from both the House and Senate financial committees revealed that the two chambers are working together to reconcile the differences in the bills, and the House's stablecoin bill may soon catch up.

At the same time, political pressure is also accelerating the legislative process. President Donald Trump stated in early March that he hopes to receive a stablecoin bill before August, while Bo Hines, Executive Director of the President's Digital Asset Advisory Committee, indicated last week that the stablecoin bill could reach the President's desk within two months.

Additionally, South Carolina Senator Tim Scott, Arkansas Congressman French Hill, Arkansas Senator John Boozman, and Pennsylvania Congressman Glenn (GT) Thompson held a press conference in February with David Sacks, the White House's AI & Cryptocurrency Policy Director, promising to push for legislation as soon as possible. As the Chairman of the Senate Banking Committee, Senator Scott controls the progress of the Senate stablecoin bill, and he pledged at the press conference to pass a key piece of crypto legislation within the first 100 days of the Trump administration, with the stablecoin bill most likely to be the first law passed.

Key Issues in Market Structure Legislation

In contrast, this Congress has yet to introduce any market structure bills. However, lobbyists interviewed by Unchained generally expect that the "Financial Innovation and Technology Act of the 21st Century" (FIT21), proposed in the previous Congress, could serve as a starting point for new legislation, meaning that the progress of this bill will be faster than drafting new proposals from scratch. Notably, FIT21 was the first digital asset bill to pass a full vote in the House, which helps facilitate the advancement of new market structure legislation.

Kara Calvert, Coinbase's Vice President of U.S. Policy, also agrees with this view: "Market structure legislation is not starting from scratch. Last year, FIT21 received support from 71 Democratic members and nearly all Republican members in the House."

However, key details still need further discussion, and there are differing opinions within the industry. Various parties are pressuring Congress to make significant improvements in the jurisdictional division between the CFTC and SEC over tokens. Two congressional staffers revealed to Unchained that drafting the market structure bill will take much longer than the stablecoin bill.

Why Coinbase's Actions Are Pending

Currently, stablecoin legislation is still leading and is most likely to pass first.

A Senate staffer explained in an email to Unchained last week that Senate Banking Committee Chairman Tim Scott needs to approve any crypto bill submitted to the full Senate for a vote, and his priority is to advance stablecoin legislation before addressing the market structure bill.

In contrast, Scott's counterpart in the House—House Financial Services Committee Chairman French Hill—has a more flexible timeline for both bills, focusing on pushing both bills through as quickly as possible. The committee's Deputy Communications Director, Brooke Nethercott, stated, "French's goal is to get both bills to the President's desk for signing into law. President Trump has publicly stated that he wants to review the stablecoin bill as soon as possible. Both the stablecoin and market structure bills are priorities."

At this point, the Trump administration has not clearly indicated which bill it prefers to prioritize. A senior White House official stated, "The White House is excited about the legislative prospects in the cryptocurrency and digital asset space. At this stage, we hope the legislative process can proceed and improve naturally."

If stablecoin legislation does indeed pass first, Calvert stated that Coinbase will not obstruct this process. She noted, "Our goal has always been to achieve victories incrementally and push the legislative process forward." She also mentioned that different companies in the industry have varying focuses, and some may be more concerned with stablecoins, leading to different interests and demands.

Moreover, Coinbase will not completely miss out on the benefits. In 2023, Coinbase invested in Circle Financial Ltd., the issuer of the stablecoin USDC, so clearer regulatory rules for stablecoins will directly benefit Coinbase.

However, as the largest cryptocurrency exchange in the U.S., Coinbase's true goal remains the market structure bill. The company will continue to lobby to ensure the industry does not "miss the forest for the trees." Calvert emphasized, "We believe that when legislation is signed into law, it cannot only address part of the market's issues while leaving significant regulatory gaps."

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