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

A collective of US cryptocurrency companies and trade associations has urged the Senate Banking Committee to advance a markup of the Clarity Act, a bill aimed at creating a unified 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 group 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 SEC and CFTC under President Joe Biden's administration. More than 100 signatories, including prominent companies such as Coinbase, Circle Internet, Kraken, Ripple, Andreessen Horowitz, and Paradigm, as well as developer groups, state blockchain associations, and university chapters, are backing this effort. The coalition has identified six key priorities for lawmakers to address, including the preservation of consumer rewards associated with payment stablecoins, definition of oversight roles for the SEC and CFTC, and protection of non-custodial tool developers. Additionally, the group advocates for simplified disclosure rules and a federal standard to avoid a patchwork of state laws. The coalition warns that the absence of comprehensive US legislation may drive investment, jobs, and development abroad, as other major jurisdictions like the European Union have already established robust cryptocurrency frameworks. According to Ji Hun Kim, CEO of the Crypto Council for Innovation, 'America requires clear, comprehensive rules for digital asset markets, as it is a global competition, and the US must take the lead.' Kim further stated, '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 protections, and strong safeguards for developers, ultimately moving us closer to durable rules that set the global standard for digital asset markets.' However, the Committee has yet to schedule a markup.