HSBC has reported that Coinbase's withdrawal of support for the U.S. crypto market structure bill is unlikely to impede its progress. The bill aims to clarify the regulatory roles of the SEC and CFTC, providing legal frameworks for institutional entry into the crypto market. Despite Coinbase's stance, CEO Brian Armstrong may be open to reasonable compromises. HSBC anticipates that the Agriculture Committee's bill, which would grant the CFTC authority over spot commodity regulation, might pass first. This legislation is seen as a step towards ending the era of regulatory enforcement and establishing clear guidelines for the crypto industry.