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

A broad coalition of US cryptocurrency companies and industry groups has urged the Senate Banking Committee to move forward with the Clarity Act, a proposed 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 a pattern of 'regulation by enforcement' as seen in recent court cases involving the SEC and CFTC under the Biden administration. The effort has garnered support from over 100 prominent signatories, including major industry players such as Coinbase, Circle, Kraken, Ripple, and venture capital firms like Andreessen Horowitz and Paradigm, as well as developer groups, state blockchain associations, and university chapters of Stand With Crypto. The coalition has outlined six key priorities for lawmakers, including the preservation of consumer rewards associated with payment stablecoins, the definition of clear oversight roles for the SEC and CFTC, and the protection of developers of non-custodial tools. Additionally, the group advocates for simplified disclosure rules and a federal standard to prevent a patchwork of state laws, warning that the absence of comprehensive US legislation may drive investment, jobs, and development abroad, as other major jurisdictions like the European Union have already enacted their own cryptocurrency regulatory 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 take the lead.' Kim further emphasized that the Senate Banking Committee can build on previous bipartisan efforts and the success of the GENIUS Act by advancing legislation that provides regulatory clarity, robust consumer protections, and safeguards for developers, ultimately moving closer to establishing durable rules that set the global standard for digital asset markets.