Over 100 Crypto Firms Urge US Senate to Advance Bill on Market Structure

A group of more than 100 US cryptocurrency companies and trade associations has appealed to the Senate Banking Committee to proceed with the markup of 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 argued that regulatory stability cannot be achieved through agency actions alone. The letter references the risks of reverting to 'enforcement-based regulation,' citing a series of court cases initiated by the SEC and CFTC during the Biden administration. The coalition comprises prominent companies such as Coinbase, Circle Internet, Kraken, Ripple, Andreessen Horowitz, Paradigm, Consensys, Anchorage Digital, and Galaxy Digital, as well as developer groups, state blockchain associations, and university chapters of Stand With Crypto. The group has identified six key priorities for lawmakers to address, including preserving consumer rewards associated with payment stablecoins, defining the oversight roles of the SEC and CFTC, and protecting non-custodial tool developers. Additionally, the coalition advocates for simplified disclosure rules and a federal standard to prevent a patchwork of state laws. Other major jurisdictions, such as the European Union, have already established comprehensive cryptocurrency frameworks, and the group warns that the absence of US legislation may drive investment, jobs, and development abroad. 'The US needs clear, comprehensive rules for digital asset markets. It's a global competition, and it's essential for the US to take the lead,' said Ji Hun Kim, CEO of the Crypto Council for Innovation, in an email. 'The Senate Banking Committee can build upon years of bipartisan efforts 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 achieving durable rules that establish the US as the global standard for digital asset markets.' However, the Committee has yet to schedule a markup.