Coinbase, Kraken and Gemini urged U.S. senators to strike a provision from the Digital Asset Market Structure Bill that would bar exchanges from listing tokens deemed “readily susceptible to manipulation.” The exchanges warned the clause would effectively prevent compliant platforms from listing many lower-liquidity small-cap tokens, raising concerns that regulated venues could face severe limits on market access for emerging digital assets. The dispute reflects a broader debate over how lawmakers should address investor protection and manipulation risk without making token listing standards unworkable for lawful crypto exchanges.