Over 100 Crypto Firms Push Senate to Advance US Market Regulation Bill

A coalition of US cryptocurrency companies and trade associations has urged the Senate Banking Committee to move forward with the Clarity Act, a bill aimed at creating a federal framework for cryptocurrency markets. In a letter to committee leaders, the group emphasized that government agencies alone cannot provide stable regulatory guidelines. The letter highlights the risk of reverting to 'enforcement-based regulation', citing a series of court cases brought by the SEC and CFTC under President Joe Biden. More than 100 signatories, including prominent companies such as Coinbase, Circle Internet, Kraken, and Ripple, are backing the effort. The coalition has identified six key priorities for lawmakers, including preserving consumer rewards for payment stablecoins, defining regulatory roles for the SEC and CFTC, and protecting non-custodial tool developers. They also advocate for simplified disclosure rules and a federal standard to avoid a patchwork of state laws. The group warns that the lack of US legislation may drive investment, jobs, and development overseas, as other major jurisdictions like the European Union have already implemented comprehensive cryptocurrency frameworks. According to Ji Hun Kim, CEO of the Crypto Council for Innovation, 'America needs clear, comprehensive rules for digital asset markets. It's a global competition, and it's essential for the US to take the lead.' Kim adds that the Senate Banking Committee can build on years of bipartisan work by advancing legislation that provides regulatory clarity, robust consumer protections, and strong safeguards for developers, ultimately setting the global standard for digital asset markets.