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

A US-based coalition of cryptocurrency companies and trade organizations has urged the Senate Banking Committee to move forward with the proposed Clarity Act, which aims to establish 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. The group, comprising over 100 signatories including prominent firms such as Coinbase and Ripple, cautioned against a return to 'enforcement-based regulation', citing a series of recent court cases involving the SEC and CFTC. The coalition identified six key priorities for lawmakers, including the preservation of consumer rewards for payment stablecoins, clear oversight roles for regulatory bodies, and safeguards for non-custodial tool developers. The group also advocated for simplified disclosure rules and a unified federal standard to prevent a patchwork of state laws. The absence of a clear US regulatory framework, the coalition warned, risks driving investment and innovation abroad, as other major jurisdictions such as the EU 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 the global race'. Kim emphasized that the Senate Banking Committee can build on previous bipartisan efforts to advance legislation that provides regulatory clarity, robust consumer protections, and safeguards for developers, ultimately setting a global standard for digital asset markets.