Over 100 Crypto Firms Push Senate to Advance US Market Structure Legislation

A US crypto industry coalition has urged the Senate Banking Committee to proceed with a markup of the Clarity Act, a bill aimed at creating a federal framework for cryptocurrency 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 has identified six key priorities for lawmakers, including preserving consumer rewards for payment stablecoins, defining SEC and CFTC oversight roles, and protecting non-custodial tool developers. It also advocates for simplified disclosure rules and a federal standard to avoid a patchwork of state laws. The group warns that the absence of US legislation may drive investment, jobs, and development abroad, as other major jurisdictions like the EU have already established comprehensive cryptocurrency 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.'