Over 100 Crypto Firms Push Senate for Action on US Market Structure Legislation

A US crypto industry coalition has urged the Senate Banking Committee to advance the Clarity Act, a bill aimed at establishing a national framework for cryptocurrency markets. In a letter addressed to committee leaders, the group emphasized that regulatory stability cannot be achieved through agency actions alone. The letter warns of a return to 'enforcement-based regulation', referencing a series of court cases involving the SEC and CFTC under the Biden administration. The effort is backed by over 100 prominent companies, including Coinbase, Circle, and Ripple, as well as developer groups and state blockchain associations. The coalition has outlined six key priorities, including the preservation of consumer rewards for payment stablecoins, defined oversight roles for the SEC and CFTC, and protection for non-custodial tool developers. Additionally, the group is advocating for simplified disclosure rules and a unified federal standard to prevent a fragmented state-level regulatory landscape. The absence of US legislation may drive investment, jobs, and development abroad, as other major jurisdictions like the EU have already implemented comprehensive crypto 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 the US must take the lead.' Kim emphasized that the Senate Banking Committee can build on previous bipartisan efforts and advance legislation that provides regulatory clarity, robust consumer protections, and strong safeguards for developers, ultimately setting a global standard for digital asset markets.