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

A group of prominent US cryptocurrency firms and trade associations has urged the Senate Banking Committee to advance the Clarity Act, a proposed bill aimed at creating a unified federal framework for cryptocurrency markets. In a letter addressed to committee leaders, the coalition emphasized that government agencies alone cannot provide stable regulatory guidelines. The letter highlights the risks of reverting to 'enforcement-based regulation', citing a series of court cases initiated by the SEC and CFTC during the Biden administration. The effort has garnered support from over 100 notable companies, including Coinbase, Circle Internet, Kraken, and Ripple, as well as developer groups and state blockchain associations. The coalition has identified six key areas for lawmakers to focus on, including the preservation of consumer rewards linked to payment stablecoins, clear oversight roles for the SEC and CFTC, and protection for non-custodial tool developers. Additionally, the group advocates for simplified disclosure rules and a federal standard to avoid a patchwork of state laws. The coalition warns that the absence of comprehensive US legislation may drive investment, jobs, and development abroad, as other major jurisdictions like the European Union have already established robust cryptocurrency frameworks. According to Ji Hun Kim, CEO of the Crypto Council for Innovation, 'the US needs comprehensive, clear rules for digital asset markets to lead the global race'. Kim believes 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 strong safeguards for developers, ultimately setting a global standard for digital asset markets.