TL;DR
- Citron Research said Coinbase grew cautious as Securitize advanced plans to go public and benefit from clearer US crypto rules.
- The report argued that licensed tokenization firms could gain a competitive edge if market structure legislation moves forward.
- Cantor Equity Partners II shares rose after Citron’s comments, while Coinbase stock declined amid renewed debate over regulation and competition.
The US crypto policy debate gained momentum after Citron Research claimed Coinbase showed concern about the rise of tokenization competitor Securitize. The comments came as lawmakers delayed action on crypto market structure legislation and as Securitize prepared a public listing through a SPAC deal, placing competition in regulated digital assets under the spotlight.
$COIN $CEPT Watch Brian Armstrong from Coinbase on CNBC to
understand what is he afraid of- Securitize. He is fighting to protect its stablecoin yield revenue while complaining about tokenized equity restrictionsBUT tokenized securities is Securitize's entire business, and…
— Citron Research (@CitronResearch) January 15, 2026
Citron Research, led by Andrew Left, argued that Coinbase stepped back from supporting the bill because a clearer framework could favor rivals already licensed to issue tokenized securities. According to the firm, Securitize operates within existing regulatory boundaries and stands to gain if Congress delivers more precise rules for tokenized equities and funds. Coinbase could face stronger competition in areas it considers strategic as institutional capital moves deeper into blockchain-based finance.
Securitize has issued more than $4 billion in tokenized assets and works with institutional partners seeking on-chain settlement and ownership models. Citron described the situation as a clash between crypto-native platforms and traditional financial institutions entering tokenization. The report pointed to backing from BlackRock and noted that Coinbase Ventures invested in Securitize in 2018, showing how closely connected major industry players have become.
Market Impact And Institutional Pressure
Cantor Equity Partners II, the SPAC set to take Securitize public in the first half of 2026, saw its shares climb as much as 10% after Citron released its view, later stabilizing near a 2% gain. Coinbase shares fell close to 4% on the same day as investors weighed the regulatory and competitive implications.
Coinbase said its objections focused on provisions that could restrict tokenized equities and limit innovation. Shortly after the company withdrew support, the Senate Banking Committee canceled a scheduled markup, adding uncertainty to the legislative process. The pause highlighted how policy signals in Washington continue to influence crypto markets.
From a pro-crypto perspective, the episode reflected a maturing market rather than a setback. Tokenization platforms with regulatory approval continue to attract institutional interest, while exchanges adjust strategies as traditional finance adopts blockchain infrastructure. Competition between these models may accelerate clearer rules and broader adoption.
