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

A collective of US cryptocurrency companies and trade organizations has urged the Senate Banking Committee to proceed with a markup of the Clarity Act, legislation aimed at creating a unified 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 references the risks associated with 'regulation by enforcement,' citing a series of court cases initiated by the SEC and CFTC 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, Paradigm, Consensys, Anchorage Digital, and Galaxy Digital, 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 associated with payment stablecoins, the definition of oversight roles for the SEC and CFTC, and the protection of developers of non-custodial tools. Additionally, the group has called for more straightforward disclosure rules and a federal standard that preempts a patchwork of state laws. The coalition warned that the absence of comprehensive US legislation risks driving investment, jobs, and development abroad, as other major jurisdictions like the European Union have already implemented robust cryptocurrency regulatory frameworks. According to Ji Hun Kim, CEO of the Crypto Council for Innovation, 'America requires clear, comprehensive rules for digital asset markets. It's a global competition, and it's essential for the US to 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 delivers regulatory clarity, robust consumer protections, and strong safeguards for developers. A markup will bring us closer to establishing durable rules that ensure the US sets the global standard for digital asset markets.' However, the Committee has yet to schedule a markup.