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

A collective of US cryptocurrency companies and trade associations has urged the Senate Banking Committee to proceed with a markup of the Clarity Act, legislation aimed at establishing a 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 government agencies alone cannot provide stable regulations. The letter highlights the risk of reverting to 'enforcement-based regulation,' referencing a series of court cases initiated by the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) during President Joe Biden's term. 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 developers of non-custodial tools. Additionally, the group has called for simplified disclosure rules and a federal standard to prevent a patchwork of state laws. Other major jurisdictions, such as the European Union, have already implemented comprehensive cryptocurrency frameworks, and the group warned that the absence of US legislation risks driving investment, jobs, and development overseas. 'America needs clear, comprehensive rules for digital asset markets. It's a global competition, and it's essential for the US to take the lead,' said Ji Hun Kim, CEO of the Crypto Council for Innovation, in an email. 'The Senate Banking Committee can build on years of bipartisan work 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 durable rules that ensure the US sets the global standard for digital asset markets,' Kim added. The Committee has not yet scheduled a markup.