Over 100 Crypto Firms Push Senate for US Market Structure Reform

A US-based coalition of cryptocurrency companies and trade associations has urged the Senate Banking Committee to proceed with markup of the Clarity Act, a proposed 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 coalition expressed concern over the risks of reverting to 'enforcement-based regulation', referencing a series of court cases initiated by the SEC and CFTC under President Joe Biden's administration. With over 100 signatories, including prominent companies such as Coinbase, Circle Internet, Kraken, Ripple, Andreessen Horowitz, and Galaxy Digital, the coalition has outlined six key priorities for lawmakers. These include preserving consumer rewards associated with payment stablecoins, clarifying oversight roles for the SEC and CFTC, and safeguarding developers of non-custodial tools. The group also 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 lead to investment, job creation, and development being driven offshore, 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, and it is essential for the US to take the lead in this global competition.' Kim emphasized that 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 protection, and strong safeguards for developers, ultimately moving the US closer to establishing a global standard for digital asset markets.