Over 100 Crypto Firms Push Senate for Progress on US Market Structure Legislation

A US-based coalition of cryptocurrency companies and trade organizations has urged the Senate Banking Committee to move forward with the markup of the Clarity Act, a bill aimed at establishing a federal framework for cryptocurrency markets. In a letter addressed to key committee members, the coalition emphasized that stable regulatory rules cannot be achieved through agency actions alone. The letter referenced the risks associated with 'regulation by enforcement,' citing a series of court cases brought by the SEC and CFTC under the Biden administration. The effort has garnered support from over 100 signatories, including prominent companies such as Coinbase, Circle Internet, Kraken, Ripple, and Andreessen Horowitz, as well as developer groups and state blockchain associations. The coalition has outlined six key priorities for lawmakers, including the preservation of consumer rewards linked to payment stablecoins, clear definitions of SEC and CFTC oversight roles, and protection for developers of non-custodial tools. Additionally, the coalition is advocating for simplified disclosure rules and a federal standard to prevent a patchwork of state laws. The group warned that the absence of comprehensive US legislation may drive investment, jobs, and development overseas, as other major jurisdictions like the European Union have already implemented robust cryptocurrency frameworks. 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 it's essential for the US to take the lead.' Kim emphasized that the Senate Banking Committee can build upon years of bipartisan efforts and the success of the GENIUS Act by advancing legislation that provides regulatory clarity, robust consumer protections, and strong safeguards for developers. However, the Committee has yet to schedule a markup.