Coinbase’s (COIN) decision to end support for U.S. market structure legislation won’t derail the process, investment bank HSBC said, suggesting that while CEO Brian Armstrong prefers no bill over a bad bill, he would probably accept a sensible compromise.

The report maintained that a legislative floor is essential to providing the stability required for institutional entry.

“Coinbase withdrawal of support is not a death-knell for U.S. market structure legislation,” analysts Daragh Maher and Nishu Singla said in the Tuesday report.

At its core, the proposed law is a high-stakes attempt to end the regulation-by-enforcement era that has defined the U.S. crypto landscape for years. By drawing a clear line between the Securities and Exchange…