Over 100 Crypto Firms Push Senate for Progress on US Market Regulation Bill

A US crypto industry coalition has urged the Senate Banking Committee to advance 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 regulatory guidelines. The letter highlights the risks of reverting to 'enforcement-based regulation', citing a series of SEC and CFTC court cases under the Biden administration. More than 100 signatories, including prominent companies such as Coinbase, Circle, and Ripple, as well as developer groups and state blockchain associations, are backing the effort. The coalition has identified six key priorities for lawmakers, including preserving consumer rewards for payment stablecoins, defining SEC and CFTC oversight roles, and protecting non-custodial tool developers. The group also advocates for simplified disclosure rules and a federal standard to avoid a patchwork of state laws. The absence of US legislation may drive investment, jobs, and development abroad, as other major jurisdictions like the EU have already implemented comprehensive crypto 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, ultimately setting the global standard for digital asset markets.