Over 100 Crypto Companies Push for US Market Reform Legislation

A group of more than 100 US-based cryptocurrency firms and trade associations has urged the Senate Banking Committee to advance 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' as seen in recent court cases involving the SEC and CFTC. The signatories, which include prominent companies such as Coinbase, Circle, and Ripple, as well as developer groups and university organizations, have outlined six key priorities for lawmakers. These priorities include preserving consumer rewards associated with payment stablecoins, defining the oversight roles of the SEC and CFTC, protecting non-custodial tool developers, simplifying disclosure rules, and establishing a federal standard to prevent a fragmented regulatory landscape across states. The coalition warns that the absence of clear US legislation may drive investment, jobs, and innovation abroad, as other major jurisdictions like the European Union have already implemented comprehensive cryptocurrency regulations. According to Ji Hun Kim, CEO of the Crypto Council for Innovation, 'The US needs comprehensive and clear rules for digital asset markets to lead in the global race.' Kim emphasizes that advancing legislation through the Senate Banking Committee will bring the US closer to achieving durable rules that set the global standard for digital asset markets.