Over 100 Crypto Firms Push Senate for Action on US Market Structure Legislation

A group of US cryptocurrency companies and trade associations has urged the Senate Banking Committee to move forward with the Clarity Act, a bill aimed at creating a federal framework for cryptocurrency markets. In a letter to committee leaders, the coalition argued 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 has garnered support from over 100 signatories, including prominent companies such as Coinbase, Circle Internet, and Ripple, as well as developer groups and state blockchain associations. The coalition has identified six key priorities for lawmakers, including preserving consumer rewards for payment stablecoins, defining oversight roles for regulatory bodies, and protecting non-custodial tool developers. Additionally, the group is advocating for simplified disclosure rules and a federal standard to prevent a patchwork of state laws. The absence of US legislation risks driving investment, jobs, and development abroad, as other major jurisdictions like the European Union have already established comprehensive cryptocurrency frameworks. According to Ji Hun Kim, CEO of the Crypto Council for Innovation, 'America needs clear, comprehensive rules for digital asset markets... The Senate Banking Committee can build on years of bipartisan work and advance legislation that delivers regulatory clarity, robust consumer protections, and strong safeguards for developers.' However, the Committee has yet to schedule a markup.