Over 100 Cryptocurrency Companies Push for US Senate Action on Market Regulation Bill

A group of more than 100 US cryptocurrency firms and trade associations has urged the Senate Banking Committee to advance the Clarity Act, a bill aimed at establishing a federal framework for cryptocurrency markets. In a letter addressed to key committee members, the coalition emphasized that regulatory stability cannot be achieved through agency actions alone. The signatories, including prominent companies such as Coinbase and Ripple, are calling for lawmakers to address six key priorities, including the preservation of consumer rewards for payment stablecoins, clear oversight roles for the SEC and CFTC, and protection for non-custodial tool developers. The group is also advocating for simplified disclosure rules and a federal standard to prevent a patchwork of state laws. With other major jurisdictions, such as the EU, having already established comprehensive cryptocurrency frameworks, the coalition warned that the lack of US legislation may drive investment, jobs, and development abroad. According to Ji Hun Kim, CEO of the Crypto Council for Innovation, 'The US needs clear and comprehensive rules for digital asset markets to lead the global race.' The Senate Banking Committee has yet to schedule a markup for the bill.