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

A coalition of US cryptocurrency companies and trade organizations has urged the Senate Banking Committee to move forward with the Clarity Act, a bill aimed at establishing a federal framework for cryptocurrency markets. In a letter addressed 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 signatories, including prominent companies such as Coinbase, Circle, and Ripple, as well as developer groups and university chapters. The coalition has identified six key priorities for lawmakers, including preserving consumer rewards for payment stablecoins, defining oversight roles for the SEC and CFTC, protecting non-custodial tool developers, and implementing easier-to-follow disclosure rules and a federal standard to avoid state law fragmentation. The group warns that the lack of US legislation may drive investment, jobs, and development abroad, as other major jurisdictions like the European Union have already enacted 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 lead.' Kim emphasizes that the Senate Banking Committee can build on bipartisan efforts and advance legislation that provides regulatory clarity, robust consumer protections, and strong safeguards for developers, ultimately setting the global standard for digital asset markets.