Author: Veronica Irwin Source: unchainedcrypto Translated by: Shan Ouba, Jinse Finance

Over the past few months, President Trump has been urging Congress to pass a tax bill rather than several small bills to address budget issues. He called it a "big and beautiful bill".

Coinbase seems to be following Trump's approach, as it is also trying to pass all crypto legislation at once.

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

The stablecoin bill would cover key issues such as: which agency will regulate issuers, reporting and audit requirements, and clearly defining the qualified collateral needed for blockchain-issued digital dollars. However, the market structure legislation is more complex, which will establish a set of rules to clarify when tokens are considered commodities or securities, and how crypto exchanges like Coinbase should register with regulatory bodies such as the SEC and CFTC. For Coinbase, the market structure bill is crucial, as its platform sells over 200 digital assets and offers multiple services like staking and custody.

Coinbase's US Policy Vice President Kara Calvert stated: "The crypto market is a complete system that needs a comprehensive solution. We believe that when legislation becomes law, it must cover all these different areas." She also emphasized that Coinbase is not pushing this legislative plan in isolation, adding: "Ultimately, we want all relevant laws to take effect simultaneously or almost 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 might be gambling with a high-risk strategy and missing important industry opportunities. A lobbyist critical of Coinbase's strategy said: "Most people think this is a bad idea. We should first achieve a 'low-hanging fruit victory' in the stablecoin area before tackling the challenging market structure legislation."

Stablecoin Legislation Progress Leads

Currently, the US Congress has not passed any laws specifically targeting cryptocurrencies, but legislation around the $233 billion stablecoin market is much closer to implementation compared to regulations for the $2.97 trillion overall crypto market.

The Senate version of the stablecoin bill, the GENIUS Act, was passed by the Senate Banking Committee two weeks ago and is ready for full Senate voting. The House version of the stablecoin bill has not made the same progress, with only two legislative drafts published so far. However, a congressional staff member from the financial committees of both houses revealed that committees from both houses are collaborating to bridge the bill's differences, and the House's stablecoin bill may catch up soon.

Meanwhile, political pressure is also accelerating the legislative process. President Donald Trump stated in early March that he wants to receive a stablecoin bill by August, and the Executive Director of the Presidential Digital Assets Advisory Committee, Bo Hines, said last week that the stablecoin bill might be on the President's desk within two months.

Additionally, Senator Tim Scott from South Carolina, Representative French Hill from Arkansas, Senator John Boozman from Arkansas, and Representative Glenn (GT) Thompson from Pennsylvania held a press conference in February with the White House AI & Cryptocurrency Policy Lead, David Sacks, promising to expedite legislation. As the Senate Banking Committee Chairman, Senator Scott controls the progress of the Senate's stablecoin bill. He promised at the press conference to pass a key crypto legislation within the first 100 days of the Trump administration, with the stablecoin bill being the most likely to pass first.

Key Issues in Market Structure Legislation

In contrast, no market structure bills have been introduced in the current congressional session. However, lobbyists interviewed by Unchained generally expect that the Financial Innovation and Technology for the 21st Century Act (FIT21) from the previous Congress might become the starting point for new legislation, meaning its advancement will be faster than a completely new proposal. Notably, FIT21 was the first digital asset bill to pass a full House vote, which helps push forward new market structure legislation.

Coinbase's US Policy Vice President Kara Calvert agrees with this view: "Market structure legislation is not starting from scratch. Last year, FIT21 was supported by 71 Democratic representatives and almost all Republican representatives."

However, key details still need further discussion, with differing opinions within the industry, and various parties are pressuring Congress to make significant improvements in jurisdictional divisions between CFTC and SEC regarding token oversight. Two congressional staff members told Unchained that drafting the market structure bill will take much longer than the stablecoin bill.

Why Coinbase's Actions Are Pending

Currently, stablecoin legislation remains ahead and is most likely to pass first.

A Senate staff member explained in an email last week that Senate Banking Committee Chairman Tim Scott needs to approve any crypto bill submitted for full Senate voting, 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—is more flexible about the timeline of both bills, focusing on pushing both bills through as soon as possible. The committee's Deputy Communications Director, Brooke Nethercott, stated: "French's goal is to successfully send both bills to the President for signature. President Trump has publicly stated that he wants to review the stablecoin bill soon. Both stablecoin and market structure bills are priorities."

Currently, the Trump administration has not clearly indicated which bill should be prioritized. A senior White House official said: "The White House is excited about the legislative prospects in the cryptocurrency and digital assets space. At this stage, we hope the legislative process can naturally progress and improve."

If the stablecoin legislation does pass first, Calvert says Coinbase will not obstruct this process. She noted: "Our goal has always been to achieve incremental victories and move the legislative process forward." She also mentioned that different companies in the industry have different focuses, with some enterprises potentially being more concerned about stablecoins, so various parties' interests and demands differ.

Moreover, Coinbase will not be completely empty-handed. In 2023, Coinbase invested in Circle Financial Ltd., the issuer of the USDC stablecoin, so clearer stablecoin regulatory rules will directly benefit Coinbase.

However, as the largest crypto exchange in the United States, Coinbase's true goal is still the market structure bill. The company will continue lobbying to ensure the industry does not "miss the forest for the trees". Calvert emphasized: "We believe that when legislation is signed into law, we cannot only address part of the market's problems while leaving huge regulatory gaps."