U.S. cryptocurrency exchanges, including Coinbase, Kraken, and Gemini, are lobbying to remove a clause from the Senate's Digital Asset Market Structure Bill that restricts listing digital commodities susceptible to manipulation. The clause, mirroring a CFTC test for futures, could limit small-cap tokens from being listed on regulated U.S. exchanges. The exchanges argue that this would hinder innovation and push smaller tokens to unregulated platforms. The exchanges propose a focus on market-surveillance and transparency instead of a binary ban on potentially manipulable assets. They warn that the clause could create a de facto whitelist favoring large-cap tokens like Bitcoin and Ether, while excluding smaller projects. Some experts support the clause as a safeguard against risky tokens prone to market abuse. The outcome of this legislative debate could significantly impact the future of small-cap token listings on U.S. exchanges.