Over 100 Crypto Firms Push Senate to Advance US Market Regulation Bill

A US-based coalition of cryptocurrency companies and trade associations has urged the Senate Banking Committee to proceed with the markup of the Clarity Act, legislation aimed at creating a unified federal framework for cryptocurrency markets. In a letter addressed to committee leaders, the group emphasized that government agencies alone cannot provide stable regulatory environments. The letter referenced the risks associated with 'regulation by enforcement,' citing a series of court cases initiated by the SEC and CFTC under President Joe Biden's administration. The coalition, comprising over 100 signatories including prominent companies such as Coinbase, Circle Internet, Kraken, and Ripple, as well as developer groups and university chapters, has identified six key priorities for lawmakers. These priorities include preserving consumer rewards associated with payment stablecoins, defining the oversight roles of 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 cautioned that the absence of US legislation may drive investment, jobs, and development abroad, as other major jurisdictions like the European Union have already established comprehensive cryptocurrency frameworks. According to Ji Hun Kim, CEO of the Crypto Council for Innovation, 'America needs comprehensive, clear rules for digital asset markets. It's a global competition, and it's crucial for the US to take the lead.' 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 closer to establishing durable rules that set the global standard for digital asset markets.