SEC’s Peirce Discusses Crypto Priorities, Coinbase CEO Speaks on Bill | Bloomberg Crypto 1/20/2026

Watch on YouTube ↗  |  January 20, 2026 at 19:05  |  22:51  |  Bloomberg Markets
Speakers
Brian Armstrong — CEO of Coinbase
Hester Peirce — SEC Commissioner
Evgeny Gaevoy — CEO & Founder, Wintermute
Tim Stenovec — Anchor/Co-Host, Bloomberg TV & Radio
Scarlet Fu — Anchor, Bloomberg Television
Nathan Dean — Senior US Policy Analyst, Bloomberg Intelligence
Jenny Johnson — President and CEO of Franklin Templeton

Summary

Bloomberg Crypto covers a sharp selloff in digital assets and the stalled US crypto market-structure bill after Coinbase withdrew support for the current draft. SEC Commissioner Hester Peirce discusses tokenization, enforcement, and 24/7 trading, while Coinbase CEO Brian Armstrong explains from Davos why he opposed giveaways to banks in the bill. Wintermute CEO Evgeny Gaevoy talks about entering prediction markets and supports the bill, and Franklin Templeton's Jenny Johnson comments on the convergence of traditional finance and crypto.

  • Bitcoin fell more than 7.6% to below $90,000, dragging crypto-linked equities such as Coinbase, Strategy, and Circle lower.
  • Bloomberg Intelligence puts 60% odds on the crypto market-structure bill passing this year, with SEC-versus-CFTC authority and stablecoin rewards as the key sticking points.
  • SEC Commissioner Hester Peirce says tokenized securities stay under SEC purview with the same disclosure expectations, most crypto assets are not securities, and 24/7 trading is promising despite operational questions.
  • Coinbase CEO Brian Armstrong pulled support for the bill draft over giveaways to banks but says the White House is fully engaged and he sees no real barriers to completion.
  • Wintermute CEO Evgeny Gaevoy says the firm will make markets in prediction markets, sees competitors doing the same, and backs the bill as written.
  • Franklin Templeton CEO Jenny Johnson describes traditional finance and crypto converging as clients seek exposure to the asset class.
Ideas
Hester Peirce SEC Commissioner 4:52
SEC is accommodating tokenized securities
Peirce says tokenized versions of traditional securities remain under SEC purview and should carry the same disclosure as traditional securities, while the SEC uses exemptive authority to adapt its rulebook, has issued a no-action letter so firms can experiment, and wants a unified market rather than separate tokenized and non-tokenized markets. The implication is that tokenized securities are moving toward a formalized, experiment-friendly regulatory framework.
Tokenized securities MED
Hester Peirce SEC Commissioner 10:13
24/7 tokenized fund trading looks promising
Peirce says 24/7 trading, including the NYSE blockchain effort to trade tokenized funds around the clock, is a good development because it would let investors in other parts of the world trade on US markets and is a natural extension of what crypto already does; she flags open operational questions, such as whether markets need some pause during volatility.
Tokenized funds LOW
Brian Armstrong CEO of Coinbase 15:38
Tokenized equities are a major crypto trend
Armstrong says tokenized equities are a big thing happening in crypto, framing the tokenization of equities as a growing structural trend rather than a niche. He points to it as the kind of product Coinbase is defending while pushing for a level playing field in US market-structure legislation, having pulled support for a draft he says contained too many giveaways to banks.
Tokenized Equities LOW
Evgeny Gaevoy CEO & Founder, Wintermute 19:11
Prediction markets are attracting market makers
Gaevoy confirms Wintermute will make markets in prediction markets as it expands in the US, saying competitors are also eyeing the venue and that platforms such as Kalshi benefit because market makers make prediction markets liquid. He acknowledges a lot of unsolved issues remain, implying an early-stage market where providing liquidity is the key opportunity.
PREDICTION MARKETS MED
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This Bloomberg Markets video, published January 20, 2026, features Hester Peirce, Brian Armstrong, Evgeny Gaevoy discussing Tokenized securities, Tokenized funds, Tokenized Equities, PREDICTION MARKETS. 4 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Hester Peirce, Brian Armstrong, Evgeny Gaevoy  · Tickers: Tokenized securities, Tokenized funds, Tokenized Equities, PREDICTION MARKETS