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

A US-based coalition of cryptocurrency companies and trade organizations has urged the Senate Banking Committee to proceed with reviewing the Clarity Act, a bill aimed at creating a federal framework for cryptocurrency markets. In a letter addressed to Chairman Tim Scott, Ranking Member Elizabeth Warren, Subcommittee Chairwoman Cynthia Lummis, and Ranking Member Ruben Gallego, the group emphasized that government agencies alone cannot provide stable regulations. The letter highlights the risks of reverting to 'enforcement-based regulation,' citing a series of court cases brought by the SEC and CFTC under President Joe Biden. The effort is backed by over 100 signatories, including prominent companies such as Coinbase, Circle Internet, Kraken, Ripple, Andreessen Horowitz, and Galaxy Digital, 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 the SEC and CFTC, and protecting non-custodial tool developers. Additionally, the group is advocating for simplified disclosure rules and a federal standard to prevent a patchwork of state laws. The coalition warned that the lack 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 it's essential for the US to take the lead.' Kim added that the Senate Banking Committee can build on years of bipartisan work and advance legislation that provides regulatory clarity, robust consumer protection, and strong safeguards for developers. However, the Committee has not yet scheduled a review.