Over 100 Crypto Firms Push Senate for Action on US Market Structure Legislation

A US-based coalition of cryptocurrency companies and trade organizations 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 addressed to committee leaders, the group emphasized that governmental agencies alone cannot provide stable regulatory environments. The letter highlights the risks of reverting to 'enforcement-based regulation', referencing a series of lawsuits filed by the SEC and CFTC during the Biden administration. The coalition, comprising over 100 signatories including prominent companies such as Coinbase, Circle Internet, and Ripple, as well as developer groups and state blockchain associations, has identified six key priorities for lawmakers. These include safeguarding consumer rewards associated with payment stablecoins, defining the regulatory roles of the SEC and CFTC, and protecting developers of non-custodial tools. The group also advocates for simplified disclosure rules and a federal standard to prevent a patchwork of state laws. The coalition warns that the absence of US legislation may drive investment, jobs, and development abroad, as other major jurisdictions like the European Union have already implemented comprehensive cryptocurrency frameworks. According to Ji Hun Kim, CEO of the Crypto Council for Innovation, 'The US needs clear and comprehensive rules for digital asset markets to lead in the global race.' Kim adds, 'The Senate Banking Committee can build on years of bipartisan efforts and advance legislation that provides regulatory clarity, robust consumer protections, and strong safeguards for developers, ultimately setting the global standard for digital asset markets.'