Over 100 Cryptocurrency Firms Push Senate for US Market Reform Bill

A collective of US cryptocurrency businesses and trade associations has urged the Senate Banking Committee to advance the Clarity Act, a bill aimed at establishing 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 regulatory stability cannot be achieved through agency actions alone. The letter highlights the risks of reverting to 'enforcement-based regulation,' citing a series of court cases brought by the SEC and CFTC during the Biden administration. The effort has garnered support from over 100 signatories, including prominent companies such as Coinbase, Circle Internet, Kraken, Ripple, Andreessen Horowitz, and Paradigm, as well as developer groups, state blockchain associations, and university chapters of Stand With Crypto. The coalition has identified six key priorities for lawmakers to address, including the preservation of consumer rewards associated with payment stablecoins, the definition of oversight roles for the SEC and CFTC, and the protection of developers creating non-custodial tools. Additionally, the group has called for simplified disclosure rules and a federal standard to prevent a patchwork of state laws. The coalition warned that the absence of US legislation risks driving investment, jobs, and development abroad, as other major jurisdictions such as the European Union 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 it's essential for the US to lead.' Kim further stated, 'The Senate Banking Committee can build on years of bipartisan work and the success of the GENIUS Act by advancing legislation that provides regulatory clarity, robust consumer protections, and strong safeguards for developers. A markup will bring us closer to achieving durable rules that establish the US as the global standard for digital asset markets.' However, the Committee has not yet scheduled a markup.