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

A group of over 100 US cryptocurrency companies and trade associations has urged the Senate Banking Committee to move forward with the Clarity Act, a bill aimed at establishing a federal framework for cryptocurrency markets. In a letter to committee leaders, the coalition emphasized that regulatory clarity cannot be achieved through agency actions alone. The letter warns of a return to 'enforcement-based regulation', citing a series of lawsuits brought by the SEC and CFTC under the Biden administration. 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 include preserving consumer rewards for payment stablecoins, defining regulatory roles for the SEC and CFTC, and safeguarding non-custodial wallet developers. The group also advocates for simplified disclosure rules and a unified federal standard to prevent a fragmented regulatory landscape. The coalition notes that other major jurisdictions, such as the EU, have already implemented comprehensive cryptocurrency regulations, and warns that the lack of US legislation may drive investment, jobs, and innovation abroad. According to Ji Hun Kim, CEO of the Crypto Council for Innovation, 'the US needs clear and comprehensive rules for digital asset markets to remain competitive globally'. Kim adds that the Senate Banking Committee can build on previous bipartisan efforts and advance legislation that provides regulatory clarity, robust consumer protections, and strong safeguards for developers, ultimately setting a global standard for digital asset markets.