Over 100 Crypto Companies Push for US Senate to Advance Market Regulation Bill

A group of prominent US cryptocurrency firms and trade associations has urged the Senate Banking Committee to proceed with the markup of the Clarity Act, a bill aimed at creating a unified 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 signatories, which include major players such as Coinbase, Circle, and Ripple, warned against a return to 'enforcement-based regulation,' citing a series of high-profile court cases involving the SEC and CFTC. The coalition outlined six key priorities for lawmakers, including the preservation of consumer rewards associated with payment stablecoins, clear oversight roles for regulatory agencies, and protection for developers of non-custodial tools. They also advocated for simplified disclosure rules and a federal standard to prevent a patchwork of state regulations. The group cautioned that the absence of comprehensive US legislation may drive investment, jobs, and innovation abroad, as other major jurisdictions like the European Union have already established robust cryptocurrency frameworks. According to Ji Hun Kim, CEO of the Crypto Council for Innovation, 'the US needs comprehensive and clear rules for digital asset markets to maintain its leadership in the global economy.' Kim emphasized that the Senate Banking Committee has the opportunity to build on 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.