Over 100 Crypto Firms Push Senate to Advance US Market Regulation Bill

A US crypto industry coalition has urged the Senate Banking Committee to proceed with markup of the Clarity Act, aiming to establish a federal framework for crypto markets. In a letter to committee leaders, the group emphasized that government agencies alone cannot provide stable regulations, citing the risk of reverting to 'enforcement-based regulation' as seen in recent court cases involving the SEC and CFTC. The effort is backed by over 100 prominent companies, including Coinbase, Circle, and Ripple, as well as developer groups and state blockchain associations. The coalition outlined six key priorities for lawmakers, including protecting consumer rewards for payment stablecoins, defining SEC and CFTC oversight roles, and safeguarding non-custodial tool developers. They also called for simplified disclosure rules and a federal standard to prevent a patchwork of state laws. The group warned that the lack of US legislation may drive investment, jobs, and development abroad, as other major jurisdictions like the EU have already enacted comprehensive crypto frameworks. According to Ji Hun Kim, CEO of the Crypto Council for Innovation, 'America needs clear, comprehensive rules for digital asset markets... The Senate Banking Committee can build on years of bipartisan work and advance legislation that delivers regulatory clarity, robust consumer protections, and strong safeguards for developers.' However, the Committee has not yet scheduled a markup.