Over 100 Cryptocurrency Companies Push for US Senate to Advance Market Regulation Bill

A group of more than 100 US-based cryptocurrency firms and trade associations has urged 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 committee leaders, the coalition emphasized that regulatory stability cannot be achieved through agency actions alone, citing the risks of reverting to 'enforcement-based regulation' as seen in recent court cases involving the SEC and CFTC. The signatories, which include prominent companies such as Coinbase, Circle, and Ripple, as well as developer groups and state blockchain associations, have identified six key priorities for lawmakers. These include preserving consumer rewards for payment stablecoins, defining clear oversight roles for the SEC and CFTC, safeguarding non-custodial tool developers, simplifying disclosure rules, and establishing a federal standard to avoid a patchwork of state laws. The coalition warned that the absence of US legislation could lead to investment, jobs, and development shifting overseas, as other major jurisdictions like the European Union have already implemented comprehensive cryptocurrency frameworks. According to Ji Hun Kim, CEO of the Crypto Council for Innovation, 'America needs clear, comprehensive rules for digital asset markets... it is essential for the US to lead in this global race.' Kim emphasized that the Senate Banking Committee can build on previous bipartisan efforts and advance legislation that provides regulatory clarity, robust consumer protections, and strong safeguards for developers, ultimately setting the global standard for digital asset markets.