Over 100 Crypto Firms Push Senate to Advance US Market Structure Legislation

A US crypto industry coalition has urged the Senate Banking Committee to move forward with the Clarity Act, a bill aimed at establishing a federal framework for cryptocurrency markets. In a letter addressed to committee leaders, the group emphasized that government agencies alone cannot provide stable regulations, citing the risk of reverting to 'enforcement-based regulation' as seen in recent court cases involving the SEC and CFTC. The effort is supported by over 100 signatories, including prominent companies such as Coinbase, Circle, and Ripple, as well as developer groups and state blockchain associations. The coalition has identified six key areas for lawmakers to focus on, including the preservation of consumer rewards for payment stablecoins, clear oversight roles for regulatory bodies, and protection for non-custodial tool developers. Additionally, the group is advocating for simplified disclosure rules and a federal standard to prevent a patchwork of state laws. The absence of US legislation may lead to investment, jobs, and development shifting offshore, 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, 'America requires clear and comprehensive rules for digital asset markets to lead in the global arena.' Kim emphasized that the Senate Banking Committee can build on previous bipartisan efforts and advance legislation that provides regulatory clarity, robust consumer protection, and strong safeguards for developers, ultimately setting the global standard for digital asset markets.