Over 100 Cryptocurrency Companies Push for US Senate to Advance Market Regulation Bill

A collective of US-based cryptocurrency firms and industry associations has urged the Senate Banking Committee to proceed with the markup of the Clarity Act, a proposed legislation aimed at establishing a comprehensive federal framework for cryptocurrency markets. In a letter addressed to key committee members, the group emphasized that regulatory stability cannot be achieved through agency actions alone, warning of a potential return to 'enforcement-based regulation' as seen in recent court cases involving the SEC and CFTC. The coalition, comprising over 100 signatories including prominent companies such as Coinbase, Circle, and Ripple, as well as developer groups and academic organizations, has identified six key priorities for lawmakers to address. These include preserving consumer incentives linked to payment stablecoins, defining clear oversight roles for the SEC and CFTC, and protecting non-custodial tool developers. Furthermore, the group advocates for simplified disclosure rules and a unified federal standard to prevent a patchwork of state laws. The coalition notes that other major jurisdictions, such as the European Union, have already implemented comprehensive cryptocurrency regulatory frameworks, and warns that the absence of similar legislation in the US may drive investment, jobs, and innovation abroad. According to Ji Hun Kim, CEO of the Crypto Council for Innovation, 'the US needs comprehensive, clear rules for digital asset markets to maintain its leadership in the global race.' Kim emphasizes that the Senate Banking Committee can build upon years of bipartisan effort and advance legislation that provides regulatory clarity, robust consumer protections, and strong safeguards for developers, ultimately establishing the US as a global standard-setter for digital asset markets.