Over 100 Cryptocurrency Firms Push for US Regulatory Reform

A 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 to committee leaders, the group emphasized that government agencies alone cannot provide stable regulations, citing the risk of reverting to 'enforcement-based regulation' as seen in recent court cases involving the SEC and CFTC. The letter is supported by over 100 signatories, including prominent companies such as Coinbase, Circle Internet, and Ripple, as well as developer groups and state blockchain associations. The coalition has identified six key priorities for lawmakers to address, including preserving consumer rewards for payment stablecoins, defining oversight roles for the SEC and CFTC, and protecting non-custodial tool developers. The group also advocates for simplified disclosure rules and a federal standard to avoid a patchwork of state laws. The absence of US legislation risks driving investment, jobs, and development overseas, 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 the US must lead.' Kim believes that the Senate Banking Committee can build on bipartisan efforts and advance legislation that provides regulatory clarity, robust consumer protections, and strong safeguards for developers, ultimately setting the global standard for digital asset markets.