Over 100 Crypto Companies Push Senate for Action on US Market Regulation Bill

A large coalition of US-based cryptocurrency firms and trade associations has urged the Senate Banking Committee to move forward with the markup of the Clarity Act, a bill aimed at establishing a federal regulatory framework for cryptocurrency markets. In a letter addressed to key committee members, the coalition emphasized that government agencies alone cannot provide the stability the industry needs. The letter highlights the risks of reverting to 'enforcement-based regulation,' citing a series of lawsuits filed by the SEC and CFTC during the Biden administration. The coalition, comprising over 100 signatories including prominent companies such as Coinbase, Circle, and Ripple, as well as developer groups and university chapters, has identified six key priorities for lawmakers. These include safeguarding consumer rewards associated with payment stablecoins, defining the regulatory roles of the SEC and CFTC, and ensuring the protection of developers of non-custodial tools. Additionally, the coalition is seeking simpler disclosure rules and a federal standard to prevent the implementation of conflicting state laws. The group pointed out that major jurisdictions like the European Union have already established comprehensive cryptocurrency regulatory frameworks, warning that the lack of US legislation could lead to investment, jobs, and development being driven abroad. According to Ji Hun Kim, CEO of the Crypto Council for Innovation, 'The US needs comprehensive and clear rules for digital asset markets to lead in this global competition.' Kim further emphasized that the Senate Banking Committee has the opportunity to build on bipartisan efforts and the success of the GENIUS Act by advancing legislation that provides regulatory clarity, robust consumer protection, and strong safeguards for developers, ultimately moving the US closer to setting the global standard for digital asset markets. However, the Committee has yet to schedule a markup.