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

A collective of US cryptocurrency companies and trade associations has urged the Senate Banking Committee to move forward with the markup of the Clarity Act, a proposed legislation 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 group emphasized that regulatory stability cannot be achieved through agency actions alone. The letter highlights the risks of reverting to 'enforcement-based regulation,' referencing a series of court cases initiated by the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) under President Joe Biden's administration. More than 100 signatories, including prominent companies such as Coinbase, Circle Internet, Kraken, Ripple, Andreessen Horowitz, and several developer groups, state blockchain associations, and university chapters, are supporting this effort. The coalition identified six key priorities for lawmakers to address, including the preservation of consumer rewards associated with payment stablecoins, the definition of oversight roles for the SEC and CFTC, and the protection of developers of non-custodial tools. The group also advocates for more straightforward disclosure rules and a federal standard to avoid a patchwork of state laws. As other major jurisdictions, such as the European Union, have already implemented comprehensive cryptocurrency frameworks, the coalition warned that the absence of US legislation may drive investment, jobs, and development abroad. 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 essential for the US to take the lead.' Kim added, '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.' However, the Committee has yet to schedule a markup.