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

A broad coalition of US cryptocurrency companies and trade associations has urged the Senate Banking Committee to advance 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 SEC and CFTC during the Biden administration. The coalition, comprising over 100 signatories including prominent firms such as Coinbase, Circle Internet, Kraken, Ripple, and Andreessen Horowitz, has identified six key priorities for lawmakers. These include preserving consumer rewards associated with payment stablecoins, defining the regulatory roles of the SEC and CFTC, and protecting non-custodial tool developers. The coalition also advocates for simplified disclosure rules and a federal standard to prevent a patchwork of state laws. The group warns that the absence of comprehensive US legislation may drive investment, jobs, and development abroad, as other major jurisdictions like the European Union have already established robust cryptocurrency frameworks. According to Ji Hun Kim, CEO of the Crypto Council for Innovation, 'America needs comprehensive, clear rules for digital asset markets. It's a global competition, and the US must lead.' Kim emphasizes that the Senate Banking Committee can build on 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 the US closer to establishing a global standard for digital asset markets.