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

A coalition of US cryptocurrency companies and trade associations has urged the Senate Banking Committee to advance a bill that would establish a federal framework for cryptocurrency markets. In a letter to committee leaders, the group emphasized that regulatory clarity cannot be achieved through agency actions alone. The letter references the risks associated with reverting to a system of 'enforcement-based regulation,' citing a series of court cases involving the SEC and CFTC under the Biden administration. More than 100 organizations, including prominent firms such as Coinbase, Circle, and Ripple, are backing the effort. The coalition has identified six key priorities for lawmakers, including preserving consumer rewards for payment stablecoins, defining the oversight roles of the SEC and CFTC, and protecting non-custodial tool developers. Additionally, the group is advocating for simplified disclosure rules and a federal standard to avoid a patchwork of state laws. The coalition warned that the absence of US legislation could lead to investment, job creation, and development being driven offshore, 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, the US needs clear and comprehensive rules for digital asset markets to remain competitive globally. Kim emphasized that the Senate Banking Committee can build on bipartisan efforts and advance legislation that provides regulatory clarity, robust consumer protections, and strong safeguards for developers, ultimately setting a global standard for digital asset markets.