Over 100 Cryptocurrency Firms Push Senate for US Market Reform Bill

A US cryptocurrency coalition, comprising over 100 companies and trade organizations, has urged the Senate Banking Committee to expedite the markup of the Clarity Act, aiming to establish 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,' citing a series of court cases initiated by the SEC and CFTC under President Joe Biden's administration. The coalition, which includes prominent companies such as Coinbase, Circle Internet, Kraken, Ripple, Andreessen Horowitz, and Galaxy Digital, has identified six key priorities for lawmakers. These include preserving consumer rewards associated with payment stablecoins, defining the oversight roles of the SEC and CFTC, and protecting non-custodial tool developers. Additionally, the group advocates for simplified disclosure rules and a federal standard to avoid a patchwork of state laws. The coalition warns that the absence of US legislation may drive investment, jobs, and development overseas, as major jurisdictions like the European Union have already implemented 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 emphasizes 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, ultimately moving closer to establishing durable rules that set the global standard for digital asset markets.