Over 100 Cryptocurrency Firms Push Senate for US Market Reform Bill

A broad alliance of US cryptocurrency companies and trade organizations has urged the Senate Banking Committee to advance the Clarity Act, a bill aimed at creating a unified 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 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 SEC and CFTC under President Joe Biden's administration. More than 100 prominent signatories, including Coinbase, Circle Internet, Kraken, Ripple, Andreessen Horowitz, and others, are backing this effort. The coalition has identified six key priorities for lawmakers, including the preservation of consumer rewards associated with payment stablecoins, clear oversight roles for the SEC and CFTC, and protection for non-custodial tool developers. Additionally, the group advocates for simplified disclosure rules and a federal standard to prevent 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 enacted 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 it's crucial for the US to take the lead.' Kim further emphasized that 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. However, the Committee has yet to schedule a markup.