The Senate Banking Committee submits more than 100 crypto amendment bills, with major CEXs lobbying to change token-listing rules

According to Cointelegraph citing Politico on May 13, members of the U.S. Senate Banking Committee have submitted more than 100 amendments to a crypto bill that will be considered on Thursday. A draft copy obtained by Politico shows that Coinbase, Kraken, and Gemini had urged lawmakers to repeal a clause in the bill requiring platforms to list only “hard-to-manipulate” tokens.

Core dispute over the anti-manipulation listing clause

According to Politico, current CFTC rules require exchanges seeking to list trading products tied to major commodities to “self-certify” that the contract is not easy to manipulate before offering trading. This standard would also apply to prediction markets regulated by the CFTC. The crypto bill would grant the CFTC broad new powers in digital asset oversight and extend the above standard.

Politico cited three people familiar with the matter, saying the exchanges’ main concern is that the anti-manipulation clause would make it harder to prove that low-frequency trading and smaller tokens with higher price volatility do not carry manipulation risks. The three people familiar with the matter also confirmed that the exchanges have been lobbying members of the Banking Committee to amend the relevant provisions to address the problem of their ability to list smaller tokens.

Politico also cited one person familiar with the matter as saying: “This is a very big step backward compared with the bill’s early drafts. What they clearly want is a more permissive regulatory approach.”

Joint statement by three exchanges and remarks from a Coinbase official

According to Politico, Coinbase and Kraken spokespersons jointly released a statement from Coinbase, Kraken, and Gemini, denying that they were trying to weaken market protection measures. The statement said: “Millions of Americans participate in digital asset markets without receiving the federal regulatory protection they should have. Every step we take in our legislative work is aimed at changing this status quo—by expanding regulation, not limiting it.”

Coinbase’s Federal Policy Director Robin Cook said that without being listed first, tokens would have difficulty accumulating enough trading volume and attention to avoid manipulation risks, creating a chicken-and-egg dilemma. Cook said: “We strongly support anti-manipulation standards in traditional futures and swaps markets. Our goal now is to ensure that by introducing a standard that does not apply to spot crypto markets, we do not inadvertently constrain regulators, the industry, and consumers.”

According to Politico, Gemini’s spokesperson did not respond to a request for comment.

Legislative progress

According to Cointelegraph, the crypto market structure bill covers two committees’ jurisdictions: the Senate Agriculture Committee portion was passed along party lines in late January 2026, granting the CFTC broad new powers to regulate digital commodities; the Senate Banking Committee portion involves the SEC regulatory framework and is expected to see a vote at the earliest next week. Before the bill is considered by the full Senate, it is expected to undergo major changes to win support from Democrats, whose votes are crucial to the bill’s final passage.

FAQ

Which three crypto exchanges lobbied to amend the anti-manipulation listing clause in the crypto bill?

According to Politico, three major crypto exchanges—Coinbase, Kraken, and Gemini—had urged lawmakers to repeal provisions requiring platforms to list only “hard-to-manipulate” digital assets; three people who confirmed the information to Politico requested anonymity.

What is the core concern of the three exchanges regarding the anti-manipulation listing clause?

According to Politico, the exchanges’ core concern is that the anti-manipulation clause would make it harder to demonstrate that smaller tokens with lower trading frequency and higher volatility risk are not subject to manipulation risk, thereby limiting their ability to list smaller tokens.

What is the latest timeline for the Senate Banking Committee to consider the crypto bill?

According to Cointelegraph citing Politico, the Senate Banking Committee will consider the crypto bill on May 14, 2026 (Thursday). Committee members have submitted more than 100 amendments; a vote on the portion handled by the Banking Committee is expected at the earliest next week.