PANews reported on January 29th, citing CoinDesk, that HSBC analysis indicates that despite Coinbase withdrawing its support, the legislative process for the US crypto market structure bill will not be stalled. The analysis suggests that while Coinbase CEO Brian Armstrong has stated he would "rather have no bill than accept a bad one," he may still accept a reasonable compromise. The report emphasizes that legislation is crucial for providing the stability needed for institutional entry. The core of the bill aims to end the long-standing practice of "regulation through enforcement" in the US, clarifying the SEC's regulatory authority over securities and the CFTC's over commodities, laying the legal foundation for large-scale entry of institutional investors such as hedge funds and corporate funds into the market.

Analysts point out that industry leaders like Ripple continue to advocate for "clarity over confusion," while significant funding from the Fairshake PAC is also driving the legislative process. Even if the current draft is imperfect, it may be more advantageous than versions that emerge under different political circumstances. If a comprehensive agreement ultimately fails, the Senate Agriculture Committee's version may still pass first, thereby enhancing market integrity through CFTC regulation.