Over 100 Cryptocurrency Firms Push for US Senate Action on Market Regulation Bill

A US-based coalition of cryptocurrency companies and trade associations has urged the Senate Banking Committee to advance the markup of the Clarity Act, a bill aimed at establishing a federal framework for cryptocurrency markets. In a letter addressed to Chairman Tim Scott, Ranking Member Elizabeth Warren, Subcommittee Chairwoman Cynthia Lummis, and Ranking Member Ruben Gallego, the coalition emphasized that regulatory stability cannot be achieved through agency actions alone. The letter highlights the risks of reverting to 'enforcement-based regulation', referencing a series of court cases brought by the SEC and CFTC during the Biden administration. The coalition, comprising over 100 signatories including prominent companies such as Coinbase, Circle Internet, Kraken, and Ripple, as well as developer groups and state blockchain associations, has identified six key priorities for lawmakers. These include preserving consumer rewards associated with payment stablecoins, defining the oversight roles of the SEC and CFTC, and safeguarding non-custodial tool developers. The coalition also advocates for simplified disclosure rules and a federal standard to prevent a fragmented landscape of state laws. The group warns that 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, 'The US needs comprehensive, clear rules for digital asset markets to lead in the global landscape.' Kim emphasizes 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.