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

A collective of US cryptocurrency firms and trade associations has urged the Senate Banking Committee to move forward with the Clarity Act, a proposed bill aimed at establishing a unified federal framework for cryptocurrency markets. In a letter addressed to key committee members, the group emphasized that regulatory stability cannot be achieved through agency actions alone. The letter highlights the risks of reverting to 'enforcement-based regulation', citing a series of court cases initiated by the SEC and CFTC during the Biden administration. The effort has garnered support from over 100 prominent companies, including Coinbase, Circle Internet, Kraken, and Ripple, as well as developer groups and university chapters. The coalition has identified six key priorities for lawmakers, including the preservation of consumer rewards associated with payment stablecoins, clear definitions of SEC and CFTC oversight roles, and protection for non-custodial tool developers. Additionally, the group advocates for simplified disclosure rules and a federal standard to prevent a patchwork of state laws. The absence of comprehensive US legislation risks driving investment, jobs, and development abroad, as other major jurisdictions like the European Union have already implemented robust 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 remain competitive globally'. Kim emphasized that the Senate Banking Committee can build upon years of bipartisan efforts and advance legislation that provides regulatory clarity, robust consumer protections, and strong safeguards for developers, ultimately setting a global standard for digital asset markets.