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

A collective of US cryptocurrency firms and trade associations has urged the Senate Banking Committee to proceed with the markup of a bill aimed at establishing a federal framework for cryptocurrency markets. In a letter addressed to key committee members, the coalition emphasized that regulatory stability cannot be achieved through agency actions alone. The group, comprising over 100 signatories including prominent companies such as Coinbase, Kraken, and Ripple, highlighted the risks of reverting to a 'regulation by enforcement' approach, as seen in recent court cases involving the SEC and CFTC. The coalition outlined six key priorities for lawmakers, including the protection of consumer rewards associated with payment stablecoins, the definition of clear oversight roles for the SEC and CFTC, and the safeguarding of non-custodial tool developers. Additionally, the group called for simplified disclosure rules and a federal standard to prevent a patchwork of state laws. The coalition warned that the absence of comprehensive US legislation may drive investment, jobs, and development abroad, citing the European Union's already enacted cryptocurrency framework as an example. According to Ji Hun Kim, CEO of the Crypto Council for Innovation, 'America requires clear, comprehensive rules for digital asset markets, and it is crucial for the US to lead in this global effort.' Kim emphasized that the Senate Banking Committee can build upon years of bipartisan work by advancing legislation that provides regulatory clarity, robust consumer protections, and strong safeguards for developers, ultimately moving the US closer to setting the global standard for digital asset markets.