Over 100 Crypto Firms Push Senate for Action on US Market Structure Legislation

A US-based coalition of cryptocurrency companies and trade organizations has urged the Senate Banking Committee to proceed with a markup of 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 argued that government agencies alone cannot provide stable regulations. The letter highlights the risk of reverting to 'regulation by enforcement,' citing a series of court cases brought by the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) during President Joe Biden's term. The effort is backed by over 100 signatories, including prominent companies such as Coinbase, Circle Internet, Kraken, Ripple, Andreessen Horowitz, Paradigm, Consensys, Anchorage Digital, and Galaxy Digital, as well as developer groups, state blockchain associations, and university chapters of Stand With Crypto. The coalition identified six key priorities for lawmakers to address, including preserving consumer rewards tied to payment stablecoins, defining oversight roles for the SEC and CFTC, protecting non-custodial tool developers, simplifying disclosure rules, and establishing a federal standard to avoid a patchwork of state laws. The group warned that the absence of US legislation may drive investment, jobs, and development abroad, 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 it's essential for the US to lead.' Kim emphasized that the Senate Banking Committee can build on years of bipartisan work and the GENIUS Act's success by advancing legislation that provides regulatory clarity, robust consumer protections, and strong safeguards for developers, ultimately moving the US closer to setting the global standard for digital asset markets. However, the Committee has not yet scheduled a markup.