Over 100 Cryptocurrency Firms Press Senate for Action on US Market Regulation Bill

A broad coalition of US cryptocurrency companies and trade associations has urged the Senate Banking Committee to advance the Clarity Act, a bill aimed at creating a unified federal framework for cryptocurrency markets. In a letter addressed to Chairman Tim Scott, Ranking Member Elizabeth Warren, Subcommittee Chairwoman Cynthia Lummis, and Ranking Member Ruben Gallego, the coalition emphasized that regulatory stability cannot be achieved through agency actions alone. The letter warns of a potential return to 'enforcement-based regulation,' citing a series of court cases initiated by the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) during the presidency of Joe Biden. The effort has garnered support from over 100 signatories, including prominent companies such as Coinbase, Circle Internet, Kraken, Ripple, Andreessen Horowitz, and Paradigm, as well as developer groups, state blockchain associations, and university chapters of Stand With Crypto. The coalition has identified six key priorities for lawmakers to address, including the preservation of consumer rewards associated with payment stablecoins, the definition of oversight roles for the SEC and CFTC, and the protection of developers creating non-custodial tools. Additionally, the group is advocating for simplified disclosure rules and a federal standard that would prevent a patchwork of state laws. The coalition noted that major jurisdictions like the European Union have already implemented comprehensive cryptocurrency regulatory frameworks, warning that the absence of similar legislation in the US risks driving investment, jobs, and development overseas. According to Ji Hun Kim, CEO of the Crypto Council for Innovation, 'America requires clear, comprehensive rules for digital asset markets. It's a global competition, and it's crucial for the US to take the lead.' Kim further stated, 'The Senate Banking Committee can build upon years of bipartisan effort and the success of the GENIUS Act by advancing legislation that provides regulatory clarity, robust consumer protections, and strong safeguards for developers. A markup will bring us closer to establishing durable rules that enable the US to set the global standard for digital asset markets.' However, the Committee has yet to schedule a markup.