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

A group of US cryptocurrency companies and trade associations has urged the Senate Banking Committee to move forward with the Clarity Act, a bill aimed at creating a federal framework for cryptocurrency markets. In a letter to committee leaders, the group emphasized that government agencies alone cannot provide stable regulations, citing the risks of reverting to 'regulation by enforcement' as seen in recent court cases involving the SEC and CFTC. The coalition, comprising over 100 signatories including prominent companies such as Coinbase and Ripple, as well as developer groups and academic organizations, has outlined six key priorities for lawmakers. These include preserving consumer rewards for payment stablecoins, defining the regulatory roles of the SEC and CFTC, and protecting non-custodial tool developers. The group also advocated for simplified disclosure rules and a federal standard to avoid a patchwork of state laws. With other major jurisdictions like the European Union having already established comprehensive cryptocurrency frameworks, the coalition warned 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 needs clear, comprehensive rules for digital asset markets... it is a global race to the top, and it is essential for the US to lead.' The Senate Banking Committee has yet to schedule a markup.