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

A collective of US cryptocurrency businesses and trade associations has urged the Senate Banking Committee to move forward with the Clarity Act, legislation 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 coalition emphasized that governmental agency actions alone are insufficient to establish stable regulatory guidelines. The letter highlights the potential return to 'enforcement-based regulation,' referencing a series of court cases initiated by the Securities and Exchange Commission and the Commodity Futures Trading Commission under President Joe Biden. The effort has garnered support from over 100 signatories, including prominent companies such as Coinbase, Circle Internet, Kraken, Ripple, Andreessen Horowitz, Paradigm, Consensys, Anchorage Digital, and Galaxy Digital, as well as developer groups, state blockchain associations, and university chapters of Stand With Crypto. The coalition has identified six key priorities for lawmakers to address, including preserving consumer rewards associated with payment stablecoins, defining oversight roles for the SEC and CFTC, and protecting non-custodial tool developers. Additionally, the group advocates for simplified disclosure rules and a federal standard to prevent a patchwork of state laws. The coalition notes that other major jurisdictions, such as the European Union, have already implemented comprehensive cryptocurrency regulatory frameworks, warning that the absence of US legislation may drive investment, jobs, and development abroad. 'America requires clear, comprehensive rules for digital asset markets. It's a global competition, and the US must take the lead,' said Ji Hun Kim, CEO of the Crypto Council for Innovation, in an email. 'The Senate Banking Committee can build upon years of bipartisan efforts and the success of the GENIUS Act by advancing legislation that delivers regulatory clarity, robust consumer protections, and strong safeguards for developers. A markup will bring us closer to establishing durable rules that ensure the US sets the global standard for digital asset markets,' Kim added. However, the Committee has not scheduled a markup at this time.