Over 100 Crypto Firms Push Senate for Action on US Market Regulation Bill

A collective of US cryptocurrency companies and trade associations has urged the Senate Banking Committee to advance with a markup of the Clarity Act, a bill aimed at establishing a federal framework for cryptocurrency markets. In a letter addressed to Chairman Tim Scott, Ranking Member Elizabeth Warren, Subcommittee Chairwoman Cynthia Lummis, and Ranking Member Ruben Gallego, the group emphasized that regulatory stability cannot be achieved through agency actions alone. The letter highlights the risks of reverting to 'enforcement-based regulation', referencing a series of court cases initiated by the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) during President Joe Biden's term. The effort is backed by over 100 signatories, including prominent companies such as Coinbase, Circle Internet, Kraken, Ripple, Andreessen Horowitz, and Paradigm, as well as developer groups, state blockchain associations, and university chapters of Stand With Crypto. The coalition has identified six key priorities for lawmakers to address, including the preservation of consumer rewards tied to payment stablecoins, the definition of oversight roles for the SEC and CFTC, and the protection of developers who build non-custodial tools. Additionally, the group is advocating for more straightforward disclosure rules and a federal standard that avoids a patchwork of state laws. The coalition warned that the absence of US legislation risks driving investment, jobs, and development abroad, 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 a global competition, and it is essential for the US to take the lead.' Kim added, 'The Senate Banking Committee can build on years of bipartisan work and the GENIUS Act's success by advancing legislation that delivers regulatory clarity, robust consumer protections, and strong safeguards for developers. A markup will move us closer to durable rules that ensure the US sets the global standard for digital asset markets.' However, the Committee has not yet scheduled a markup.