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

A large group of US cryptocurrency firms and trade associations has urged the Senate Banking Committee to move forward with the Clarity Act, a bill aimed at creating a federal framework for cryptocurrency markets. In a letter to the committee's leaders, the group emphasized that regulatory stability cannot be achieved through agency actions alone. The letter warns of a return to 'enforcement-based regulation,' referencing a series of court cases brought by the SEC and CFTC under President Joe Biden. The effort has garnered support from over 100 prominent companies, including Coinbase, Circle Internet, Kraken, Ripple, and Andreessen Horowitz, as well as developer groups and state blockchain associations. The coalition has identified six key priorities for lawmakers, including preserving consumer rewards for payment stablecoins, defining the oversight roles of the SEC and CFTC, and protecting non-custodial tool developers. The group also advocates for simpler disclosure rules and a federal standard to prevent a patchwork of state laws. The absence of US legislation may drive investment, jobs, and development abroad, as other major jurisdictions like the European Union have already established 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 the US must lead.' Kim believes 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.