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

A collective of US cryptocurrency companies and trade associations has urged the Senate Banking Committee to proceed with legislation that would establish a federal framework for cryptocurrency markets. In a letter addressed to committee leaders, the coalition emphasized that governmental agencies alone cannot provide stable regulations. The group pointed to 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 effort has garnered support from over 100 signatories, including prominent companies such as Coinbase, Circle Internet, Kraken, and Ripple, as well as developer groups and state blockchain associations. The coalition has identified six key priorities for lawmakers, 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 simplified disclosure rules and a federal standard that avoids a patchwork of state laws. The coalition warned that the absence of US legislation may drive investment, jobs, and development abroad, 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 take the lead.' Kim emphasized that 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. However, the Committee has not yet scheduled a markup.