Over 100 Crypto Firms Push Senate to Advance US Market Regulation Bill

A group 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 establishing a federal framework for cryptocurrency markets. In a letter to committee leaders, the group emphasized that government agencies alone cannot provide stable regulations. The letter highlights the risk of reverting to 'enforcement-based regulation', citing a series of court cases brought by the SEC and CFTC under President Joe Biden. The effort has garnered support from over 100 signatories, including prominent companies such as Coinbase, Circle Internet, Kraken, Ripple, Andreessen Horowitz, and Paradigm, as well as developer groups and state blockchain associations. The coalition has identified six key priorities for lawmakers to address, including preserving consumer rewards tied to payment stablecoins, defining oversight roles for the SEC and CFTC, and safeguarding developers of non-custodial tools. The group also advocates for simplified disclosure rules and a federal standard to prevent a patchwork of state laws. The absence of US legislation risks driving 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 emphasized that the Senate Banking Committee can build on years of bipartisan work by advancing legislation that provides regulatory clarity, robust consumer protections, and strong safeguards for developers. However, the Committee has not yet scheduled a markup.