Over 100 Cryptocurrency Companies Push for US Senate Action on Market Regulation Bill

A large coalition of US-based cryptocurrency businesses and trade associations has urged the Senate Banking Committee to advance the Clarity Act, a proposed bill aimed at establishing a comprehensive federal framework for cryptocurrency markets. In a letter addressed to key committee members, including Chairman Tim Scott and Ranking Member Elizabeth Warren, the coalition emphasized that regulatory stability cannot be achieved through agency actions alone. The group pointed to 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, and Ripple, outlined six key priorities for lawmakers. These include safeguarding consumer rewards associated with payment stablecoins, clarifying oversight roles for the SEC and CFTC, and shielding non-custodial tool developers from undue regulatory burdens. The coalition also advocated for streamlined disclosure rules and a unified federal standard to prevent a patchwork of conflicting state laws. The group warned that the absence of clear US legislation could drive investment, employment, and innovation abroad, 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 the success of the GENIUS Act by advancing legislation that provides regulatory clarity, robust consumer protections, and strong safeguards for developers, ultimately setting a global standard for digital asset markets.