Over 100 Cryptocurrency Companies Push for US Regulatory Framework

A group of over 100 US-based cryptocurrency firms and trade associations has urged the Senate Banking Committee to advance the Clarity Act, a bill aimed at establishing a comprehensive federal framework for cryptocurrency markets. In a letter addressed to key committee members, the coalition emphasized that government agencies alone cannot provide stable regulations, citing the risks of reverting to 'enforcement-based regulation' as seen in recent court cases involving the SEC and CFTC. The coalition, which includes prominent companies such as Coinbase, Circle, and Ripple, as well as developer groups and academic institutions, has identified six key priorities for lawmakers. These include preserving consumer incentives for payment stablecoins, clarifying the oversight roles of the SEC and CFTC, safeguarding non-custodial developers, simplifying disclosure rules, and implementing a federal standard to prevent a patchwork of state laws. The group warned that the lack of US legislation may drive investment, jobs, and innovation abroad, as other major jurisdictions like the European Union have already enacted comprehensive cryptocurrency regulations. According to Ji Hun Kim, CEO of the Crypto Council for Innovation, 'America needs comprehensive, clear rules for digital asset markets to lead in the global race.' Kim emphasized that the Senate Banking Committee can build on previous bipartisan efforts to advance legislation that provides regulatory clarity, robust consumer protections, and safeguards for developers, ultimately setting a global standard for digital asset markets.