Over 100 Cryptocurrency Companies Push for US Market Reform Bill

A group of prominent US cryptocurrency firms and trade associations has urged the Senate Banking Committee to advance the Clarity Act, a bill aimed at creating a unified federal framework for cryptocurrency markets. In a letter addressed to committee leaders, the coalition emphasized that government agencies alone cannot provide stable regulations, citing the risks of reverting to 'enforcement-based regulation' as seen in recent court cases involving the SEC and CFTC. The letter, signed by over 100 companies, including major players like Coinbase, Circle, and Ripple, highlights six key priorities for lawmakers, including the preservation of consumer rewards for payment stablecoins, clear oversight roles for regulatory bodies, and protection for non-custodial tool developers. The group also advocates for simplified disclosure rules and a federal standard to prevent a patchwork of state laws. With other major jurisdictions, such as the EU, having already established comprehensive cryptocurrency frameworks, the coalition warns that the absence of US legislation may drive investment, jobs, and development abroad. According to Ji Hun Kim, CEO of the Crypto Council for Innovation, 'The US needs comprehensive, clear rules for digital asset markets to lead in the global race.' Kim emphasizes that the Senate Banking Committee can build on bipartisan efforts and the success of the GENIUS Act by advancing legislation that provides regulatory clarity, robust consumer protection, and strong safeguards for developers, ultimately moving the US closer to setting the global standard for digital asset markets.