Over 100 Crypto Firms Push Senate to Advance US Market Structure Legislation

A group of US crypto companies and trade associations has urged the Senate Banking Committee to proceed with the markup of the Clarity Act, a bill aimed at establishing a federal framework for crypto markets. In a letter to committee leaders, the group emphasized 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 coalition, comprising over 100 signatories including 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 clear oversight roles for the SEC and CFTC, and protecting non-custodial tool developers. The group also advocates for simplified disclosure rules and a federal standard to avoid a patchwork of state laws. The absence of US legislation, they warn, may drive investment, jobs, and development abroad, as other major jurisdictions like the EU 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.'