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 move forward with the Clarity Act, a bill aimed at establishing a unified federal framework for cryptocurrency markets. In a letter addressed to key committee members, the group emphasized that government agencies alone cannot provide stable regulatory guidelines. The letter highlights the risk of reverting to 'enforcement-based regulation,' referencing a series of court cases initiated by the SEC and CFTC under the Biden administration. The effort has garnered support from over 100 prominent signatories, including notable companies such as Coinbase, Circle Internet, Kraken, and Ripple, as well as developer groups and university chapters. The coalition has outlined six key priorities for lawmakers, including the preservation of consumer rewards associated with payment stablecoins, clear oversight roles for the SEC and CFTC, and protection for non-custodial tool developers. Additionally, the group advocates for simplified disclosure rules and a federal standard to avoid a patchwork of state laws. 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 requires clear, comprehensive rules for digital asset markets, as it is a global competition, and the US must take the lead.' Kim further 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 protection, and strong safeguards for developers, ultimately moving closer to establishing durable rules that set the global standard for digital asset markets.