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

A group of over 100 US-based cryptocurrency companies 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 comprehensive federal framework for cryptocurrency markets. In a letter addressed to key committee members, the group emphasized that regulatory stability cannot be achieved through agency actions alone, citing the risk of reverting to 'enforcement-based regulation' as seen in recent court cases involving the SEC and CFTC. The coalition, which includes prominent firms such as Coinbase, Circle, and Ripple, as well as developer groups and academic institutions, has identified six key areas for lawmakers to focus on. These priorities include safeguarding consumer rewards associated with payment stablecoins, defining the regulatory roles of the SEC and CFTC, and ensuring the protection of developers creating non-custodial tools. Additionally, the group is advocating for simplified disclosure rules and a federal standard that would preempt a patchwork of state laws. The coalition warned that the absence of clear US legislation risks driving investment, employment, and innovation overseas, as other major jurisdictions like the European Union have already implemented comprehensive cryptocurrency regulatory frameworks. According to Ji Hun Kim, CEO of the Crypto Council for Innovation, 'The US needs comprehensive, clear rules for digital asset markets to remain competitive globally.' Kim emphasized that the Senate Banking Committee can build upon years of bipartisan efforts and advance legislation that provides regulatory clarity, robust consumer protections, and safeguards for developers, ultimately setting a global standard for digital asset markets.