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

A large coalition of US-based 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 clarity cannot be achieved through agency actions alone. The letter references the risks associated with 'regulation by enforcement,' citing a series of lawsuits filed by the SEC and CFTC under the Biden administration. More than 100 organizations, including prominent companies such as Coinbase, Kraken, and Ripple, as well as developer groups and academic institutions, have signed the letter. The coalition has identified six key priorities for lawmakers, including the preservation of consumer rewards for payment stablecoins, clear oversight roles for regulatory agencies, and protection for non-custodial tool developers. Additionally, the group is advocating for simplified disclosure rules and a federal standard to prevent a patchwork of state laws. The coalition warns that the lack of clear legislation in the US may drive investment, jobs, and innovation 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 comprehensive and clear rules for digital asset markets, as it is a global competition, and the US should take the lead.' Kim emphasized that the Senate Banking Committee can build on 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. However, the Committee has yet to schedule a markup.