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

A US crypto industry coalition has urged the Senate Banking Committee to proceed with a markup of the Clarity Act, aiming to establish a federal framework for cryptocurrency markets. In a letter to committee leaders, the group emphasized that stable regulations cannot be achieved through agency actions alone, citing the risk of reverting to 'enforcement-based regulation' as seen in recent SEC and CFTC court cases. The effort is supported by over 100 signatories, including major players like Coinbase, Circle, and Ripple, as well as developer groups and academic organizations. The coalition has identified six key priorities for lawmakers, including preserving consumer rewards for payment stablecoins, defining SEC and CFTC oversight roles, protecting non-custodial tool developers, simplifying disclosure rules, and establishing a federal standard to avoid state law inconsistencies. The group warns that the absence of US legislation may drive investment and development abroad, as other jurisdictions like the EU have already implemented comprehensive crypto regulations. 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 arena.' Kim emphasizes that the Senate Banking Committee can build on previous bipartisan efforts by advancing legislation that provides regulatory clarity, robust consumer protection, and strong developer safeguards, ultimately setting a global standard for digital asset markets.