Over 100 Cryptocurrency Companies Push for US Senate to Advance Market Regulation Bill

A group of over 100 US-based cryptocurrency firms and trade associations has urged the Senate Banking Committee to move forward with the Clarity Act, a bill aimed at establishing a comprehensive 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 emphasized that regulatory stability cannot be achieved through agency actions alone. The letter highlights the risks of reverting to 'enforcement-based regulation,' citing a series of court cases initiated by the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) during President Joe Biden's term. The signatories, including prominent companies such as Coinbase, Circle Internet, Kraken, Ripple, Andreessen Horowitz, and Paradigm, as well as developer groups and state blockchain associations, have identified six key priorities for lawmakers. These include preserving consumer rewards associated with payment stablecoins, defining clear oversight roles for the SEC and CFTC, and protecting non-custodial tool developers. The coalition also advocates for simplified disclosure rules and a federal standard to prevent a patchwork of state laws. As other major jurisdictions, such as the European Union, have already implemented comprehensive cryptocurrency frameworks, the group warns that the absence of US legislation may drive investment, jobs, and development abroad. According to Ji Hun Kim, CEO of the Crypto Council for Innovation, 'The United States needs comprehensive, clear regulations for digital asset markets. It's a global competition, and it's essential for the US to take the lead.' Kim added, '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 protection, and strong safeguards for developers. A markup will bring us closer to establishing durable rules that ensure the US sets the global standard for digital asset markets.' However, the Committee has yet to schedule a markup.