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

A group of more than 100 US-based cryptocurrency firms and trade associations has urged the Senate Banking Committee to move forward with a markup of the Clarity Act, legislation aimed at establishing a comprehensive federal framework for cryptocurrency markets. In a letter addressed to committee leaders, the coalition emphasized that regulatory stability cannot be achieved through agency actions alone, citing the risks of reverting to an enforcement-based approach to regulation. The signatories, which include prominent companies such as Coinbase, Circle, and Ripple, as well as developer groups and industry associations, identified six key priorities for lawmakers to address. These include preserving consumer rewards associated with payment stablecoins, defining clear oversight roles for the SEC and CFTC, and protecting developers of non-custodial tools. The coalition also advocated for simplified disclosure rules and a federal standard to prevent a patchwork of state laws. With major jurisdictions like the European Union having already implemented comprehensive cryptocurrency regulations, the group warned that the lack of US legislation may drive investment, jobs, and development abroad. According to Ji Hun Kim, CEO of the Crypto Council for Innovation, 'The US needs comprehensive, clear rules for digital asset markets to remain competitive globally.' Kim emphasized 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.