CoinDesk Podcast Network Why Coinbase Pulled Support for the Market Structure Bill
Jan 23, 2026
Kara Calvert, Coinbase Vice President of U.S. Policy who leads the company’s regulatory work, explains why Coinbase withdrew support for Market Structure. She points to rushed drafting and provisions that could threaten stablecoin rewards and the SEC’s exemptive authority. The conversation covers risks to consumer rewards, tokenized equities, and what fixes are needed for legislation to move forward.
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Rushed Draft Created Fatal Flaws
- The bill was rushed with less than 24 hours for review and contained fatal flaws that threatened consumer rewards and SEC authority.
- Kara Calvert said more time was needed to fix provisions before they made stakeholders worse off.
Protect Consumer Rewards Before Voting
- Avoid passing legislation that removes existing consumer benefits like stablecoin rewards without clear substitutes.
- Fix the language and allow amendments rather than rushing a bill that could strip rewards from everyday Americans.
Delay If It Leaves Stakeholders Worse Off
- Don't accept a bill that leaves consumers and builders worse off; demand fixes before advancing it.
- Use the next two weeks to resolve provisions and preserve bipartisan viability.