Over 100 Cryptocurrency Firms Push Senate to Advance US Market Reform Bill

A US cryptocurrency coalition, comprising over 100 companies and trade organizations, has urged the Senate Banking Committee to proceed with the Clarity Act, a bill designed to establish a 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 government agencies alone cannot provide stable regulations. The letter highlights the risks of reverting to 'enforcement-based regulation,' citing a series of court cases initiated by the SEC and CFTC under President Joe Biden. The coalition, which includes prominent companies such as Coinbase, Circle Internet, Kraken, Ripple, Andreessen Horowitz, and Paradigm, has identified six key priorities for lawmakers. These priorities include preserving consumer rewards associated with payment stablecoins, defining the oversight roles of the SEC and CFTC, and protecting developers of non-custodial tools. The coalition also advocates for simpler disclosure rules and a federal standard to prevent a patchwork of state laws. The group warns that the absence of US legislation may drive investment, jobs, and development overseas, 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 emphasizes 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. However, the Committee has not yet scheduled a markup.