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

A coalition of US cryptocurrency companies 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 to committee leaders, the group emphasized that government agencies alone cannot provide stable regulations, citing the risk of reverting to 'enforcement-based regulation' as seen in a series of court cases initiated by the SEC and CFTC during the Biden administration. The effort is supported by over 100 signatories, including prominent companies such as Coinbase, Circle Internet, Kraken, and Ripple, as well as developer groups and university chapters. The coalition has identified six key priorities for lawmakers to address, including the preservation of consumer rewards associated with payment stablecoins, clear oversight roles for the SEC and CFTC, and protection for non-custodial tool developers. They also advocate for simplified disclosure rules and a federal standard to avoid a patchwork of state laws. The group warned that the absence of US legislation may drive 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's a global competition, and it's essential for the US to lead.' Kim added that the Senate Banking Committee can build on 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, ultimately moving closer to establishing durable rules that set the global standard for digital asset markets.