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

A broad coalition of US cryptocurrency firms and trade associations has urged the Senate Banking Committee to proceed with a markup of the Clarity Act, a bill aimed at establishing a unified 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. The letter highlights the risks of reverting to 'enforcement-based regulation', citing a series of court cases initiated by the SEC and CFTC under the Biden administration. The effort has garnered support from over 100 prominent companies, including Coinbase, Circle, and Ripple, as well as developer groups and state blockchain associations. The coalition has identified six key priorities for lawmakers, including the preservation of consumer rewards for payment stablecoins, clear definition of SEC and CFTC oversight roles, and protection for non-custodial tool developers. 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 comprehensive US legislation may drive investment, jobs, and development abroad, as other major jurisdictions like the EU have already enacted robust 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 emphasizes that 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.