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

A coalition of US cryptocurrency companies and trade associations has urged the Senate Banking Committee to proceed with a markup of the Clarity Act, a bill aimed at creating a federal framework for cryptocurrency markets. In a letter to committee leaders, the group emphasized that government agencies alone cannot provide stable regulations, citing the risks of reverting to 'enforcement-based regulation' as seen in previous court cases involving the SEC and CFTC. The letter, signed by over 100 prominent companies, including Coinbase, Circle Internet, and Ripple, as well as developer groups and state blockchain associations, outlined six key priorities for lawmakers. These include preserving consumer rewards for payment stablecoins, defining the oversight roles of the SEC and CFTC, protecting non-custodial tool developers, simplifying disclosure rules, and establishing a federal standard to avoid a patchwork of state laws. The coalition warned that the absence of US legislation may drive investment, jobs, and development abroad, as other major jurisdictions like the European Union have already enacted comprehensive cryptocurrency frameworks. According to Ji Hun Kim, CEO of the Crypto Council for Innovation, 'America needs clear, comprehensive rules for digital asset markets... The Senate Banking Committee can build on years of bipartisan work and advance legislation that delivers regulatory clarity, robust consumer protections, and strong safeguards for developers.' However, the Committee has not yet scheduled a markup.