Over 100 Crypto Firms Push Senate for Action on US Market Regulation Bill

A collective of US cryptocurrency companies and trade organizations has urged the Senate Banking Committee to proceed with the markup of the Clarity Act, a bill aimed at establishing 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 risk of reverting to 'enforcement-based regulation,' referencing a series of court cases initiated by the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) under President Joe Biden's administration. More than 100 signatories, including prominent companies such as Coinbase, Circle Internet, Kraken, Ripple, Andreessen Horowitz, Paradigm, Consensys, Anchorage Digital, and Galaxy Digital, as well as developer groups, state blockchain associations, and university chapters of Stand With Crypto, are backing the effort. The coalition has identified six key priorities for lawmakers to address, including preserving consumer rewards associated with payment stablecoins, defining oversight roles for the SEC and CFTC, and protecting developers of non-custodial tools. Additionally, the group is advocating for simplified disclosure rules and a federal standard to prevent a patchwork of state laws. The coalition notes that major jurisdictions like the European Union have already implemented comprehensive cryptocurrency frameworks, warning that the absence of US legislation may drive investment, jobs, and development abroad. According to Ji Hun Kim, CEO of the Crypto Council for Innovation, 'America needs comprehensive, clear rules for digital asset markets. It's a global competition, and it's crucial for the US to take the lead.' Kim further stated, 'The Senate Banking Committee can build upon years of bipartisan efforts and the success of the GENIUS Act by advancing legislation that provides regulatory clarity, robust consumer protections, and strong safeguards for developers. A markup will bring us closer to establishing lasting rules that ensure the US sets the global standard for digital asset markets.' However, the Committee has not yet scheduled a markup.