Over 100 Cryptocurrency Firms Push for US Senate to Advance Market Regulation Bill

A collective 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 creating 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 group emphasized that government agencies alone cannot provide stable regulations. The letter references the potential return to 'regulation by enforcement,' citing a series of court cases brought by the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) under President Joe Biden. More than 100 signatories, including prominent companies such as Coinbase, Circle Internet, Kraken, Ripple, Andreessen Horowitz, and Galaxy Digital, are supporting this effort. The coalition has identified six key priorities for lawmakers to address, including preserving consumer rewards for payment stablecoins, defining oversight roles for the SEC and CFTC, and protecting non-custodial tool developers. Additionally, they are advocating for simpler disclosure rules and a federal standard to prevent a patchwork of state laws. The group warns that the absence of US legislation may lead to investment, jobs, and development being pushed offshore, as other major jurisdictions like the European Union have already implemented comprehensive cryptocurrency frameworks. 'America needs clear, comprehensive rules for digital asset markets. It's a global competition, and the US must lead,' stated Ji Hun Kim, CEO of the Crypto Council for Innovation. 'The Senate Banking Committee can build upon years of bipartisan work 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 move us closer to durable rules that ensure the US sets the global standard for digital asset markets,' Kim added. However, the Committee has not yet scheduled a markup.