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

A US cryptocurrency coalition, comprising over 100 companies and trade associations, has urged the Senate Banking Committee to expedite the markup of 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 governmental 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 coalition, which includes prominent companies such as Coinbase, Circle, and Ripple, as well as developer groups and state blockchain associations, has identified six key priorities for lawmakers. These priorities include preserving consumer rewards for payment stablecoins, defining clear oversight roles for the SEC and CFTC, and protecting non-custodial tool developers. The coalition also advocates for simplified disclosure rules and a federal standard to prevent a patchwork of state laws. The group warns that the absence of US legislation may drive 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, 'the US needs clear, comprehensive rules for digital asset markets to lead in the global race.' Kim emphasizes that the Senate Banking Committee can build on 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.