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

A US-based coalition of cryptocurrency companies and trade associations has urged the Senate Banking Committee to proceed with markup of the Clarity Act, a bill aimed at establishing a unified federal framework for cryptocurrency markets. In a letter addressed to key committee members, the coalition emphasized that governmental agencies alone cannot provide stable regulatory guidelines. The letter highlights the risks of reverting to 'enforcement-based regulation', citing a series of court cases brought by the SEC and CFTC under President Joe Biden's administration. The effort has garnered support from over 100 signatories, including prominent companies such as Coinbase, Circle, Kraken, and Ripple, as well as developer groups and state blockchain associations. The coalition has identified six key priorities for lawmakers, including preserving consumer incentives tied to 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 absence of US legislation may drive investment, jobs, and development abroad, 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, 'The US needs clear, comprehensive rules for digital asset markets to lead in the global race.' Kim emphasizes that the Senate Banking Committee can build on years of 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.