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

A group of prominent US cryptocurrency companies and trade associations has urged the Senate Banking Committee to proceed with a markup of the Clarity Act, a bill aimed at establishing a federal framework for cryptocurrency markets. In a letter addressed to key committee members, the coalition argued that government agencies alone cannot provide stable regulations, citing the risk of reverting to 'enforcement-based regulation', which refers to a series of court cases brought by the SEC and CFTC under President Joe Biden's administration. The letter has garnered support from over 100 signatories, including major players such as Coinbase, Circle Internet, Kraken, and Ripple, as well as developer groups and state blockchain associations. The coalition has outlined six key priorities for lawmakers to address, including preserving consumer rewards associated with payment stablecoins, defining the oversight roles of the SEC and CFTC, and protecting non-custodial tool developers. Additionally, the group has called for simplified disclosure rules and a federal standard to prevent a patchwork of state laws. The coalition 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 take the lead.' Kim emphasized 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.