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 proceed with marking up the Clarity Act, a proposed bill aimed at creating a unified federal framework for cryptocurrency markets. In a letter addressed to committee leaders, the group emphasized that relying solely on government agencies to establish rules is insufficient for achieving regulatory stability. The letter highlights the risk of reverting to 'enforcement-based regulation,' citing a series of lawsuits filed by the SEC and CFTC during the Biden administration. The effort has garnered support from over 100 prominent companies, including Coinbase, Circle, Kraken, and Ripple, as well as developer groups and academic organizations. The coalition has identified six key priorities for lawmakers, including the protection of consumer rewards associated with payment stablecoins, defining the oversight responsibilities of the SEC and CFTC, and safeguarding non-custodial developers. Additionally, the group advocates for simplified disclosure rules and a federal standard to prevent a patchwork of state regulations. The absence of comprehensive US legislation may drive investment, employment, and development abroad, as other major jurisdictions like the EU have already enacted robust cryptocurrency frameworks. According to Ji Hun Kim, CEO of the Crypto Council for Innovation, 'The US needs clear and comprehensive 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 protection, and strong safeguards for developers, ultimately setting a global standard for digital asset markets.