Over 100 Cryptocurrency Companies Urge US Senate to Advance Market Regulation Bill

A group of more than 100 US-based cryptocurrency firms and trade associations has called on the Senate Banking Committee to move forward with the Clarity Act, a bill aimed at establishing a federal framework for cryptocurrency markets. In a letter addressed to key committee members, the group emphasized that government agencies alone cannot provide stable regulations, and that a return to 'regulation by enforcement' could be detrimental. The coalition, which includes prominent companies such as Coinbase, Circle, and Ripple, as well as developer groups and state blockchain associations, has identified six key priorities for lawmakers to address. These include preserving consumer rewards for payment stablecoins, defining the oversight roles of the SEC and CFTC, and safeguarding non-custodial tool developers. The group also advocates for streamlined disclosure rules and a federal standard to prevent a patchwork of state laws. With other major jurisdictions, such as the European Union, having already implemented comprehensive cryptocurrency frameworks, the coalition warned that the absence of US legislation could lead to investment, jobs, and development being driven offshore. 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.' The Committee has yet to schedule a markup for the bill.