Over 100 Cryptocurrency Companies Push for US Market Reform Legislation

A group of more than 100 US-based cryptocurrency firms 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 guidelines. The signatories, which include prominent companies such as Coinbase, Circle Internet, and Ripple, as well as developer groups and state blockchain associations, warned against a return to 'enforcement-based regulation'. They highlighted six key priorities for lawmakers, including preserving consumer rewards for payment stablecoins, defining the roles of the SEC and CFTC, and protecting non-custodial developers. The coalition also advocated for simpler disclosure rules and a federal standard to prevent a patchwork of state laws. With other major jurisdictions, such as the European Union, already having established comprehensive cryptocurrency frameworks, the group cautioned that the lack of US legislation may drive investment, jobs, and development abroad. According to Ji Hun Kim, CEO of the Crypto Council for Innovation, 'the US needs clear, comprehensive rules for digital asset markets to lead the global race'. Kim emphasized that the Senate Banking Committee can build on previous bipartisan efforts and advance legislation that provides regulatory clarity, robust consumer protections, and strong safeguards for developers.