Over 100 Cryptocurrency Companies Push for US Market Reform Bill

A coalition of US cryptocurrency firms and trade associations has urged the Senate Banking Committee to advance the Clarity Act, legislation aimed at establishing a federal framework for cryptocurrency markets. In a letter addressed to committee leaders, the coalition argued that regulatory stability cannot be achieved through agency actions alone, citing the risks of reverting to 'enforcement-based regulation'. The letter referenced a series of court cases initiated by the SEC and CFTC under President Joe Biden. The effort has garnered support from over 100 signatories, including prominent companies such as Coinbase, Circle Internet, Kraken, and Ripple, as well as developer groups and university chapters. The coalition has identified six key priorities for lawmakers, including the preservation of consumer rewards associated with payment stablecoins, the definition of clear oversight roles for the SEC and CFTC, and the protection of 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. The coalition warned that the absence of US legislation may drive investment, jobs, and development abroad, as other major jurisdictions like the European Union have already enacted 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 emphasized that the Senate Banking Committee can build on years of bipartisan work by advancing legislation that provides regulatory clarity, robust consumer protections, and strong safeguards for developers, ultimately moving the US closer to setting the global standard for digital asset markets.