Coinbase, Kraken, and Gemini are challenging a Senate bill clause that restricts crypto token listings on regulated exchanges. The exchanges argue that the rule, which mandates tokens be "not readily susceptible to manipulation," could exclude smaller tokens from regulated markets. They propose a framework focusing on market surveillance and transparency instead. The contested clause is part of a broader legislative effort to bring digital commodities under CFTC oversight. Industry groups warn that the rule could push token launches offshore, while some experts support it as a safeguard against market manipulation. The outcome of this debate could significantly impact the future of small-cap tokens in the U.S. market.