Coinbase, Kraken lobby Congress to remove crypto manipulation clause

Cryptocurrency exchanges including Coinbase, Kraken, and Gemini are lobbying to ease regulations on digital assets, Politico reported. The platforms are urging lawmakers to remove a provision from a bill that would require them to list only cryptocurrencies that are "not readily susceptible to market manipulation." The exchanges expressed concern that the clause would make it more difficult to list smaller tokens on their platforms. They argued it could restrict the listing of tokens with low trading volumes for which it is difficult to prove a lack of manipulation risk. The group stressed that its goal in legislative engagement is to expand the scope of regulation, not to reduce protections. The provision is part of a bill that was amended by the Senate Agriculture Committee after its passage in January.