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

A large coalition of US-based cryptocurrency companies and trade associations has urged the Senate Banking Committee to move forward with the markup of the Clarity Act, a bill aimed at establishing a comprehensive federal framework for cryptocurrency markets. In a letter addressed to key committee members, the coalition emphasized that relying solely on regulatory actions by government agencies is insufficient for creating stable rules. The letter highlights the risks of reverting to a pattern of 'regulation by enforcement,' citing a series of lawsuits filed by the SEC and CFTC during the Biden administration. The effort has garnered support from over 100 signatories, including prominent companies such as Coinbase, Circle Internet, Kraken, Ripple, Andreessen Horowitz, and several developer groups, state blockchain associations, and university chapters. The coalition has outlined 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 simpler disclosure rules and a federal standard that would prevent a patchwork of state laws. The coalition warned that the absence of comprehensive US legislation could lead to investment, jobs, and development being driven offshore, as other major jurisdictions like the European Union have already implemented robust cryptocurrency regulatory frameworks. According to Ji Hun Kim, CEO of the Crypto Council for Innovation, 'America needs clear, comprehensive rules for digital asset markets. It's a global competition, and it's crucial for the US to take the lead.' Kim further stated, '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 protections, and strong safeguards for developers. Moving forward with a markup will bring us closer to achieving durable rules that ensure the US sets the global standard for digital asset markets.' However, the Committee has yet to schedule a markup.