US Crypto Firms Push Senate for Clear Market Regulations

Over 100 prominent US crypto companies and trade associations have urged the Senate Banking Committee to advance the Clarity Act, a bill aimed at establishing a comprehensive federal framework for the crypto market. In a letter to key committee members, the coalition stressed that regulatory stability cannot be achieved through agency actions alone, citing the risks of reverting to 'enforcement-based regulation' as seen in recent court cases involving the SEC and CFTC. The signatories, including major players like Coinbase, Kraken, and Ripple, as well as developer groups and state blockchain associations, identified six key priorities for lawmakers. These include preserving consumer benefits associated with payment stablecoins, clarifying oversight roles for the SEC and CFTC, safeguarding non-custodial developers, streamlining disclosure requirements, and implementing a federal standard to prevent a fragmented state-level regulatory landscape. The group noted that the absence of clear US legislation may drive investment, employment, and innovation abroad, as other major jurisdictions like the EU have already implemented comprehensive crypto regulatory frameworks. According to Ji Hun Kim, CEO of the Crypto Council for Innovation, 'America requires comprehensive, clear rules for digital asset markets to lead in this global competition.' 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 moving closer to establishing durable rules that set the global standard for digital asset markets.