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

A collective of US cryptocurrency firms and trade associations has urged the Senate Banking Committee to move forward with the markup of the Clarity Act, legislation aimed at establishing a unified 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 coalition emphasized that regulatory stability cannot be achieved through agency actions alone. The group expressed concern over the potential return to 'enforcement-based regulation', referencing a series of court cases involving the SEC and CFTC under the Biden administration. With 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 effort highlights the need for legislative action. The coalition identified six key priorities for lawmakers, including the preservation of consumer rewards linked to payment stablecoins, clear definitions of SEC and CFTC oversight roles, and protection for developers of non-custodial tools. Additionally, the group advocated for simplified disclosure rules and a federal standard to prevent a patchwork of state laws. The coalition warned that the absence of comprehensive US legislation risks driving investment, jobs, and development overseas, as other major jurisdictions like the European Union have already enacted robust cryptocurrency frameworks. According to Ji Hun Kim, CEO of the Crypto Council for Innovation, 'America requires clear, comprehensive rules for digital asset markets. It's a global competition, and the US must take the lead.' Kim emphasized that the Senate Banking Committee can build upon years of bipartisan efforts and advance legislation that provides regulatory clarity, robust consumer protections, and strong safeguards for developers, ultimately moving the US closer to setting the global standard for digital asset markets.