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

A group of prominent US cryptocurrency companies and trade associations has urged the Senate Banking Committee to move forward with the markup of 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,' citing a series of court cases initiated by the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) during the Biden administration. The effort has garnered support from over 100 signatories, including notable 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 preserving consumer rewards associated with payment stablecoins, defining the oversight roles of the SEC and CFTC, and protecting developers of non-custodial tools. Additionally, the group has called for simplified disclosure rules and a federal standard that avoids a patchwork of state laws. The coalition warns that the absence of US legislation may drive investment, jobs, and development abroad, as other major jurisdictions like the European Union have already implemented comprehensive cryptocurrency frameworks. 'The US needs clear and comprehensive rules for digital asset markets. It's a global competition, and it's 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 ensure the US sets the global standard for digital asset markets,' Kim added. However, the Committee has yet to schedule a markup.