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

A collective of US cryptocurrency businesses and trade organizations has urged the Senate Banking Committee to proceed with the markup of the Clarity Act, legislation 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 government agencies alone cannot provide stable regulations. The letter references the potential return to 'enforcement-based regulation,' citing a series of court cases initiated by the Securities and Exchange Commission and the Commodity Futures Trading Commission under President Joe Biden's administration. The initiative is supported by over 100 signatories, including prominent companies such as Coinbase, Circle Internet, Kraken, Ripple, Andreessen Horowitz, Paradigm, Consensys, Anchorage Digital, and Galaxy Digital, alongside developer groups, state blockchain associations, and university chapters of Stand With Crypto. The coalition has outlined six key priorities for lawmakers to address, including preserving consumer rewards associated with payment stablecoins, defining the oversight roles of the SEC and CFTC, and protecting developers of non-custodial tools. Additionally, the group is advocating for more straightforward disclosure rules and a federal standard that avoids the complexity of state laws. The coalition warns that the absence of US legislation may drive investment, jobs, and development overseas, 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 clear, comprehensive rules for digital asset markets. It's a global competition, and it's crucial for the US to lead.' Kim further stated, '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 protections, and strong safeguards for developers. A markup will bring us closer to establishing durable rules that ensure the US sets the global standard for digital asset markets.' The Committee has yet to schedule a markup.