Over 100 Crypto Firms Push Senate for Action on US Market Structure Legislation

A US-based coalition of cryptocurrency companies and trade associations has urged the Senate Banking Committee to move forward with the Clarity Act, a bill aimed at establishing a comprehensive federal framework for cryptocurrency markets. In a letter addressed to committee leaders, the coalition emphasized that regulatory stability cannot be achieved through agency actions alone, citing the risks of reverting to enforcement-based regulation. The letter, signed by over 100 prominent companies including Coinbase, Circle, and Ripple, as well as developer groups and academic organizations, highlights six key priorities for lawmakers. These include preserving consumer benefits associated with payment stablecoins, defining the regulatory roles of the SEC and CFTC, safeguarding non-custodial developers, simplifying disclosure requirements, and implementing a federal standard to prevent a fragmented regulatory landscape. The coalition warns that the absence of clear US legislation may drive investment, employment, and innovation abroad, as other major jurisdictions like the European Union have already implemented comprehensive cryptocurrency regulatory frameworks. According to Ji Hun Kim, CEO of the Crypto Council for Innovation, the US needs comprehensive and clear rules for digital asset markets to maintain its global leadership. Kim emphasized that the Senate Banking Committee can build upon previous bipartisan efforts and advance legislation that provides regulatory clarity, robust consumer protections, and safeguards for developers, ultimately setting a global standard for digital asset markets.