Over 100 US Crypto Firms Push Senate for Progress on Market Regulation Bill

A US crypto industry coalition has urged the Senate Banking Committee to advance the Clarity Act, a bill aimed at establishing a comprehensive federal framework for crypto markets. In a letter addressed to committee leaders, the group emphasized that government agency actions alone are insufficient to provide stable regulatory guidelines. The coalition, comprising over 100 prominent crypto companies, trade organizations, and developer groups, warned against reverting to 'enforcement-based regulation,' citing a series of court cases involving the SEC and CFTC under the Biden administration. The group's priorities include preserving consumer rewards for payment stablecoins, defining clear oversight roles for the SEC and CFTC, safeguarding non-custodial tool developers, simplifying disclosure rules, and establishing a federal standard to avoid a patchwork of state laws. The coalition noted that the EU has already implemented a comprehensive crypto framework, and the absence of similar US legislation risks driving investment, jobs, and development abroad. According to Ji Hun Kim, CEO of the Crypto Council for Innovation, 'the US needs clear, comprehensive rules for digital asset markets to lead in the global race.' Kim emphasized that the Senate Banking Committee can build on bipartisan efforts and the success of the GENIUS Act by advancing legislation that provides regulatory clarity, robust consumer protections, and strong safeguards for developers, ultimately setting the global standard for digital asset markets.