Over 100 Cryptocurrency Firms Press Senate for Action on US Market Regulation Bill

A group of prominent US cryptocurrency companies and trade associations has urged the Senate Banking Committee to advance the Clarity Act, a bill aimed at creating a unified federal framework for cryptocurrency markets. In a letter addressed to committee leaders, the coalition emphasized that government agencies alone cannot provide stable regulatory guidelines. The letter highlights 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 effort has garnered support from over 100 signatories, including notable companies such as Coinbase, Circle Internet, Kraken, and Ripple, as well as developer groups and state blockchain associations. The coalition has identified six key priorities for lawmakers, including the preservation of consumer rewards associated with payment stablecoins, clear oversight roles for the SEC and CFTC, and protection for developers of non-custodial tools. Additionally, the group has called for simplified disclosure rules and a federal standard to prevent a patchwork of state laws. The coalition warns that the lack of US legislation may drive investment, jobs, and development abroad, as other major jurisdictions like the European Union have already established comprehensive cryptocurrency 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 lead.' Kim emphasized that the Senate Banking Committee can build on 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. However, the Committee has yet to schedule a markup.