Over 100 Cryptocurrency Companies Push for US Market Regulation Reform

A coalition of US cryptocurrency firms and trade associations has urged the Senate Banking Committee to advance the Clarity Act, a bill aimed at establishing a federal framework for cryptocurrency markets. In a letter to committee leaders, the group emphasized that government agencies alone cannot provide stable regulations, citing the risks of reverting to 'enforcement-based regulation' as seen in recent court cases involving the SEC and CFTC. The letter, signed by over 100 prominent companies including Coinbase, Circle, and Ripple, as well as developer groups and state blockchain associations, highlights six key priorities for lawmakers. These include preserving consumer rewards for payment stablecoins, defining regulatory roles for the SEC and CFTC, and safeguarding non-custodial developers. The coalition also advocates for streamlined disclosure rules and a federal standard to prevent a fragmented state-level regulatory landscape. The absence of US legislation risks driving 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, 'America needs clear, comprehensive rules for digital asset markets... The Senate Banking Committee can build on years of bipartisan work and advance legislation that delivers regulatory clarity, robust consumer protections, and strong safeguards for developers.'