Over 100 Cryptocurrency Companies Push for US Regulatory Reform

A coalition of prominent US cryptocurrency firms and trade associations has urged the Senate Banking Committee to advance the Clarity Act, a bill aimed at establishing a comprehensive federal framework for cryptocurrency markets. In a letter addressed to committee leaders, the group emphasized that government agencies alone cannot provide stable regulatory guidelines. The letter highlights the risks of reverting to 'enforcement-based regulation', citing a series of court cases brought by the SEC and CFTC during the Biden administration. The effort is supported by over 100 signatories, including major companies such as Coinbase, Circle Internet, and Ripple, as well as developer groups and state blockchain associations. The coalition has identified six key priorities for lawmakers, including preserving consumer rewards for payment stablecoins, defining regulatory roles for the SEC and CFTC, and protecting non-custodial tool developers. Additionally, the group is advocating for simplified disclosure rules and a federal standard to prevent a patchwork of state laws. The coalition warns that the absence of US legislation may drive investment, jobs, and development abroad, as other major jurisdictions like the European Union have already implemented comprehensive cryptocurrency frameworks. According to Ji Hun Kim, CEO of the Crypto Council for Innovation, 'America needs clear, comprehensive rules for digital asset markets. It's a global competition, and the US must lead.' Kim emphasizes that the Senate Banking Committee can build on bipartisan efforts and advance legislation that provides regulatory clarity, robust consumer protections, and strong safeguards for developers, ultimately setting the global standard for digital asset markets.