Over 100 Cryptocurrency Companies Push Senate for US Market Reform Bill

A large coalition of US cryptocurrency businesses and trade organizations has urged the Senate Banking Committee to move forward with the Clarity Act, a bill aimed at establishing a federal framework for cryptocurrency markets. In a letter addressed to Chairman Tim Scott, Ranking Member Elizabeth Warren, Subcommittee Chairwoman Cynthia Lummis, and Ranking Member Ruben Gallego, the coalition emphasized that regulatory stability cannot be achieved through agency actions alone. The letter highlights the risks of reverting to 'enforcement-based regulation', referencing a series of court cases brought by the SEC and CFTC during the Biden administration. With over 100 signatories, including prominent companies such as Coinbase, Circle Internet, Kraken, Ripple, Andreessen Horowitz, and Galaxy Digital, the coalition has identified six key priorities for lawmakers. These include preserving consumer rewards associated with payment stablecoins, defining clear oversight roles for the SEC and CFTC, and safeguarding non-custodial tool developers. The coalition also advocates for simplified disclosure rules and a unified federal standard to prevent a fragmented regulatory landscape across states. The group warns that the absence of comprehensive US legislation may drive investment, jobs, and development abroad, as other major jurisdictions like the European Union have already implemented robust 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 take the lead.' Kim emphasizes that the Senate Banking Committee can build upon years of bipartisan efforts and the success of the GENIUS Act by advancing legislation that provides regulatory clarity, robust consumer protections, and strong safeguards for developers. However, the Committee has yet to schedule a markup.