Over 100 Cryptocurrency Companies Push for US Market Reform Bill

A collective of US cryptocurrency firms and trade organizations has urged the Senate Banking Committee to advance the Clarity Act, a bill aimed at establishing a comprehensive federal framework for cryptocurrency markets, through the markup process. 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 associated with reverting to "enforcement-based regulation," citing a series of court cases initiated by the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) during President Joe Biden's administration. The effort has garnered support from over 100 signatories, including prominent companies such as Coinbase, Circle Internet, Kraken, Ripple, Andreessen Horowitz, Paradigm, Consensys, Anchorage Digital, and Galaxy Digital, as well as developer groups, state blockchain associations, and university chapters of Stand With Crypto. The coalition has identified six key priorities for lawmakers to address, including the preservation of consumer rewards associated with payment stablecoins, the definition of oversight roles for the SEC and CFTC, and the protection of developers of non-custodial tools. Additionally, the coalition is advocating for simplified disclosure rules and a federal standard that preempts a patchwork of state laws. The group notes that major jurisdictions, such as the European Union, have already implemented comprehensive cryptocurrency regulatory frameworks, and warns that the absence of similar legislation in the US risks driving investment, jobs, and development abroad. "The US needs clear, comprehensive regulations for digital asset markets. This is a global competition, and it is essential for the US to take the lead," said Ji Hun Kim, CEO of the Crypto Council for Innovation, in an email. "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. A markup will bring us closer to establishing durable rules that enable the US to set the global standard for digital asset markets," Kim added. The Committee has yet to schedule a markup.