Over 100 Crypto Firms Push Senate for US Market Reform Legislation

A US-based coalition of cryptocurrency companies and trade associations has urged the Senate Banking Committee to advance the Clarity Act, a bill aimed at establishing a federal framework for cryptocurrency markets. In a letter addressed to committee leaders, the coalition emphasized that government agencies alone cannot provide stable regulatory environments. The letter references the risks associated with 'regulation by enforcement,' citing a series of court cases initiated by the SEC and CFTC under the Biden administration. The coalition, which comprises over 100 signatories including prominent firms such as Coinbase, Circle Internet, and Ripple, has identified six key priorities for lawmakers. These priorities include preserving consumer rewards associated with payment stablecoins, defining the oversight roles of the SEC and CFTC, and protecting non-custodial tool developers. Additionally, the coalition advocates for simplified disclosure rules and a federal standard to prevent a patchwork of state laws. The group warns that the absence 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 further emphasized that 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. However, the Committee has yet to schedule a markup.