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

A large group of US cryptocurrency firms and trade associations has urged the Senate Banking Committee to advance the Clarity Act, a bill aimed at establishing a federal framework for cryptocurrency markets. In a letter to committee leaders, the coalition argued that regulatory stability cannot be achieved through agency actions alone, citing the risk of reverting to 'enforcement-based regulation' as seen in recent court cases involving the SEC and CFTC under the Biden administration. The effort is backed by over 100 prominent companies, including Coinbase, Circle, Kraken, and Ripple, as well as developer groups and state blockchain associations. The group outlined six key priorities for lawmakers, including preserving consumer rewards for payment stablecoins, defining clear oversight roles for the SEC and CFTC, and protecting non-custodial tool developers. They also advocated for simplified disclosure rules and a federal standard to avoid a patchwork of state laws. The coalition warned that without US legislation, investment, jobs, and development may shift offshore, 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 comprehensive, clear rules for digital asset markets to lead in the global race.' Kim emphasized that the Senate Banking Committee can build on bipartisan efforts and the success of the GENIUS Act by advancing legislation that provides regulatory clarity, robust consumer protections, and safeguards for developers, ultimately setting the global standard for digital asset markets.