Over 100 Crypto Firms Push Senate to Advance US Market Structure Legislation

A collective of US cryptocurrency companies and trade associations has urged the Senate Banking Committee to proceed with the markup of the Clarity Act, a legislative proposal aimed at establishing a comprehensive 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 signatories, which exceed 100 and include prominent firms such as Coinbase, Circle Internet, Kraken, Ripple, Andreessen Horowitz, Paradigm, Consensys, Anchorage Digital, and Galaxy Digital, as well as developer groups and state blockchain associations, pointed to the risks of reverting to 'enforcement-based regulation,' citing a series of SEC and CFTC court cases under the Biden administration. The coalition outlined six key priorities for lawmakers, including the preservation of consumer rewards associated with payment stablecoins, the definition of clear oversight roles for the SEC and CFTC, and the protection of non-custodial tool developers. Additionally, the group called for simplified disclosure rules and a federal standard to prevent a patchwork of state laws. The coalition warned that the absence of US legislation could lead to investment, job, and development opportunities being driven offshore, as other 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 requires clear, comprehensive rules for digital asset markets, as it is a global competition, and the US must take the lead.' Kim further stated, '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, thereby moving us closer to durable rules that ensure the US sets the global standard for digital asset markets.'