Over 100 Cryptocurrency Firms Push Senate for Progress on US Market Regulation Bill

A US-based coalition of 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 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 coalition emphasized that government agencies alone cannot provide stable regulations. The letter highlights the risks of reverting to 'enforcement-based regulation', referencing a series of court cases initiated by the SEC and CFTC under the Biden administration. More than 100 signatories, including prominent companies like Coinbase, Circle Internet, Kraken, Ripple, Andreessen Horowitz, and Paradigm, are backing this effort. The coalition has identified six key priorities for lawmakers, including preserving consumer rewards associated with payment stablecoins, defining the oversight roles of the SEC and CFTC, and protecting non-custodial tool developers. They also advocate for simplified disclosure rules and a federal standard to avoid a patchwork of state laws. The coalition warns that the absence of US legislation may drive investment, jobs, and development overseas, as other major jurisdictions like the European Union 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. It's a global competition, and the US must take the lead.' Kim added, '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 protection, and strong safeguards for developers. A markup will bring us closer to establishing durable rules that set the global standard for digital asset markets.' However, the Committee has not yet scheduled a markup.