A Pivotal Week for Market Structure

Summary

CoinDesk's Policy and Regulation show opens 2026 with a focus on U.S. market-structure legislation, stablecoin yield, and prediction markets. Rebecca Rettig of Jito Labs discusses Senate negotiations, DeFi, self-custody, tax clarity, and onshoring. Paul Grewal of Coinbase expresses optimism on market-structure passage and explains Coinbase's stablecoin-rewards stance, prediction-market push, and Deribit derivatives strategy.

• Hosts Jennifer Sanasie and Renato Mariotti frame market structure as the key 2026 crypto policy issue.
• Rebecca Rettig says Senate negotiations cover DeFi, self-custody, token classification, and ethics, with a discussion draft expected soon.
• Rettig says the Jito Foundation is onshoring to the U.S. and calls tax clarity important for staking and airdrops.
• Paul Grewal expects market-structure legislation to pass despite hard negotiations over stablecoin rewards.
• Grewal defends stablecoin rewards for ecosystem participants and disputes bank arguments about community lending.
• Grewal discusses Coinbase's acquisition of a clearing company and its move into prediction markets.
• Grewal highlights the Deribit acquisition and growth in crypto options/derivatives as part of Coinbase's everything exchange.
• The hosts close by noting that market-structure developments will drive coming crypto policy discussions.