Crypto In America Crypto Splits on Clarity | Coinbase, Kraken and Cahill Join the Show
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Jan 16, 2026 Kara Calvert, Head of U.S. policy at Coinbase, discusses the company's controversial withdrawal from a key crypto market structure bill, emphasizing the problematic provisions that led to the decision. Jonathan Jachym, Global head of policy at Kraken, highlights the importance of U.S. regulatory clarity and warns against losing innovators to more favorable global regimes. Lewis Cohen of Cahill offers insights on tokenized assets and advocates for right-sized disclosures to ease burdens on projects, stressing the need for collaborative regulatory frameworks.
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Last-Minute Legal Review Changed Course
- Coinbase reviewed over a hundred new pages added to the bill in 24 hours and used internal lawyers to assess risks across its business.
- That rapid review led Coinbase to conclude the bill contained serious red lines that could not be fixed before a committee vote.
Genius Act Drives Bank And Industry Interest
- The Genius Act stablecoin provisions are central to banks' and industry motivations to engage.
- Kara Calvert says US-backed stablecoins adoption is a primary goal and banks may try to alter that provision.
Protect Rewards While Preventing Deposit Erosion
- Preserve business models that rely on reward programs while protecting bank deposits from erosion.
- Craft guardrails that prevent solely holding balances but still allow legitimate customer reward offerings.