Why Would Coinbase Fight The ‘Pro-Crypto’ Market Structure Bill?

Because if you read between the lines, this bill doesn’t just bless crypto, it drags CEXs closer to being banks.

Yield-sharing with community banks, stricter segregation of customer assets, and regulated stablecoin returns all eat straight into Coinbase’s most profitable lines: float on customer cash, spread on stablecoins, and the ability to intermediate everything under one centralized roof.

So of course a CEO in that position pushes back while wearing the mask of “protecting innovation” – they’re really protecting their tollbooth.

Meanwhile, DeFi rails don’t care about that moat. XRPL now has native AMMs and DEX liquidity at the protocol level, not as a walled garden smart-contract add-on, which makes it structurally cheaper and more transparent for real flow to move on-chain.  

Layer on top RLUSD – a fully-backed, enterprise-grade, regulator-blessed USD stablecoin being integrated as collateral across institutional venues and recognized by top regulators in Abu Dhabi and Dubai – and you suddenly have a compliant yield + settlement stack that doesn’t need a Coinbase in the middle.  

This is also the reason why European Central Bank President, Christine Lagarde publicly called Ripple “A Major Market Disruptor” while talking about innovation in banking.

In other words: The more this bill pushes crypto toward bank-grade rules, the more value migrates from custodial “crypto banks” to neutral infrastructure and that’s exactly where Ripple, XRPL DeFi and RLUSD are quietly positioning themselves.