Over 100 Crypto Companies Push Senate to Advance US Market Regulation Bill

A collective of US cryptocurrency businesses 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 cryptocurrency markets. In a letter addressed to Chairman Tim Scott, Ranking Member Elizabeth Warren, Subcommittee Chairwoman Cynthia Lummis, and Ranking Member Ruben Gallego, the coalition emphasized that regulatory stability cannot be achieved through agency actions alone. The letter highlights the risk of reverting to 'enforcement-based regulation,' citing a series of court cases initiated by the Securities and Exchange Commission and the Commodity Futures Trading Commission under President Joe Biden. The effort has garnered support from over 100 signatories, including prominent companies such as Coinbase, Circle Internet, Kraken, Ripple, Andreessen Horowitz, and Galaxy Digital, as well as developer groups, state blockchain associations, and university chapters. The coalition has identified six key priorities for lawmakers to address, including the preservation of consumer rewards associated with payment stablecoins, defining the oversight roles of the SEC and CFTC, and safeguarding developers of non-custodial tools. Additionally, the group advocates for simplified disclosure rules and a federal standard to prevent a patchwork of state laws. The coalition warns that the absence of US legislation may drive investment, jobs, and development 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's a global competition, and it's essential for the US to take the lead.' Kim further stated, 'The Senate Banking Committee can build upon years of bipartisan efforts and the success of the GENIUS Act by advancing legislation that provides regulatory clarity, robust consumer protections, and strong safeguards for developers. A markup will bring us closer to establishing durable rules that enable the US to set the global standard for digital asset markets.' However, the Committee has yet to schedule a markup.