Over 100 Cryptocurrency Firms Push Senate for US Market Reform Bill

A US-based coalition of cryptocurrency companies and trade associations has urged the Senate Banking Committee to move forward with the Clarity Act, a bill aimed at creating a unified federal framework for cryptocurrency markets. In a letter addressed to Chairman Tim Scott, Ranking Member Elizabeth Warren, Subcommittee Chairwoman Cynthia Lummis, and Ranking Member Ruben Gallego, the group emphasized that regulatory stability cannot be achieved through agency actions alone. The letter highlights the risks of reverting to 'enforcement-based regulation,' citing a series of court cases involving the SEC and CFTC during the Biden administration. The coalition, comprising over 100 signatories including prominent companies such as Coinbase, Circle Internet, Kraken, and Ripple, as well as developer groups and state blockchain associations, has identified six key priorities for lawmakers. These include preserving consumer rewards linked to payment stablecoins, defining the regulatory roles of 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. The coalition warns that the lack of US legislation may drive investment, jobs, and development abroad, citing the European Union's comprehensive cryptocurrency framework as an example. According to Ji Hun Kim, CEO of the Crypto Council for Innovation, 'America needs clear, comprehensive rules for digital asset markets. It's a global competition, and the US must take the lead.' Kim added that the Senate Banking Committee can build on years of bipartisan efforts and the GENIUS Act's success by advancing legislation that provides regulatory clarity, robust consumer protections, and strong safeguards for developers. However, the Committee has yet to schedule a markup.