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

A coalition of over 100 US-based cryptocurrency companies and trade organizations has urged the Senate Banking Committee to move forward with the Clarity Act, a bill designed to establish a comprehensive federal framework for cryptocurrency markets. In a letter addressed to committee leaders, the coalition emphasized that regulatory stability cannot be achieved through agency actions alone, citing the risks of reverting to 'enforcement-based regulation' as seen in recent court cases involving the SEC and CFTC. The coalition, which includes prominent companies such as Coinbase, Circle, and Ripple, as well as developer groups and university organizations, has identified six key priorities for lawmakers. These include preserving consumer benefits associated with payment stablecoins, defining clear oversight roles for the SEC and CFTC, and protecting non-custodial tool developers. The group also advocates for simplified disclosure rules and a federal standard to prevent a patchwork of state laws. With major jurisdictions like the European Union having already implemented comprehensive cryptocurrency regulations, the coalition warns 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 remain competitive globally.' 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, ultimately setting a global standard for digital asset markets.