Over 100 Crypto Firms Push Senate to Advance US Market Reform Bill

A US crypto industry coalition has urged the Senate Banking Committee to proceed with the Clarity Act, a bill aimed at establishing a federal framework for cryptocurrency markets. In a letter to committee leaders, the group emphasized that government agencies alone cannot provide stable regulations, citing the risks of reverting to 'enforcement-based regulation' as seen in recent court cases involving the SEC and CFTC. The coalition, comprising over 100 prominent companies such as Coinbase, Circle, and Ripple, as well as developer groups and state blockchain associations, has identified six key priorities for lawmakers. These include preserving consumer rewards for payment stablecoins, defining SEC and CFTC oversight roles, protecting non-custodial tool developers, simplifying disclosure rules, and establishing a federal standard to avoid a patchwork of state laws. The group warned that the lack of US legislation may drive investment, jobs, and development abroad, as other major jurisdictions like the EU have already implemented 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 emphasized that the Senate Banking Committee can build on years of 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.