Over 100 Cryptocurrency Firms Push Senate for Progress on US Market Regulation Bill

A collective of US cryptocurrency businesses and trade associations has urged the Senate Banking Committee to advance the Clarity Act, a proposed 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, citing the risks of reverting to 'enforcement-based regulation' as seen in recent court cases involving the SEC and CFTC. The letter, supported by over 100 signatories including prominent companies such as Coinbase, Circle Internet, and Ripple, highlights six key priorities for lawmakers. These include preserving consumer benefits associated with payment stablecoins, defining the oversight responsibilities of the SEC and CFTC, and shielding developers of non-custodial tools from undue regulatory burdens. The group also advocates for simplified disclosure rules and a federal standard to prevent a patchwork of state-specific laws. The absence of comprehensive US legislation, the coalition warns, may drive investment, employment, and innovation abroad, as other major jurisdictions like the European Union have already implemented robust cryptocurrency regulatory frameworks. According to Ji Hun Kim, CEO of the Crypto Council for Innovation, 'The United States requires clear, comprehensive guidelines for digital asset markets to maintain its global leadership position.' Kim further emphasized that the Senate Banking Committee has the opportunity to build upon years of bipartisan efforts and the success of the GENIUS Act by advancing legislation that provides regulatory clarity, robust consumer protections, and safeguards for developers, ultimately setting a global standard for digital asset markets.