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

A collective of US cryptocurrency companies and trade associations has urged the Senate Banking Committee to expedite the marking up of the Clarity Act, a bill aimed at establishing 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 coalition emphasized that regulatory stability cannot be achieved through agency actions alone. The letter highlights the risks of reverting to 'enforcement-based regulation,' citing 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 tenure. The effort has garnered support from over 100 prominent signatories, including Coinbase, Circle Internet, Kraken, Ripple, Andreessen Horowitz, and several 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, the definition of clear oversight roles for the SEC and CFTC, and the protection of developers of non-custodial tools. Furthermore, the coalition advocates for simplified disclosure rules and a federal standard that preempts a patchwork of state laws. The group notes that major jurisdictions like the European Union have already implemented comprehensive cryptocurrency frameworks, warning that the absence of US legislation may drive investment, jobs, and development abroad. According to Ji Hun Kim, CEO of the Crypto Council for Innovation, 'America requires clear, comprehensive rules for digital asset markets. As it is a global competition, it is essential for the US to take the lead.' Kim added, '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.' The Committee has yet to schedule a markup.