Over 100 Crypto Firms Push Senate to Advance US Market Structure Legislation

A coalition of US cryptocurrency companies and trade associations has urged the Senate Banking Committee to proceed with the markup of the Clarity Act, which aims to create a federal framework for cryptocurrency markets. In a letter to committee leaders, the group emphasized that government agencies alone cannot provide stable regulations, citing the risk of reverting to 'enforcement-based regulation' as seen in recent court cases involving the SEC and CFTC. The effort is backed by over 100 prominent companies, including Coinbase, Circle Internet, Kraken, and Ripple, as well as developer groups and state blockchain associations. The coalition has identified six key priorities for lawmakers, including preserving consumer rewards for payment stablecoins, defining oversight roles for regulatory bodies, and protecting non-custodial tool developers. Additionally, the group advocates for simpler disclosure rules and a federal standard to avoid a patchwork of state laws. 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, 'America needs clear, comprehensive rules for digital asset markets. It's a global competition, and the US must lead.' Kim also stated that the Senate Banking Committee can build on 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.