Over 100 Cryptocurrency Companies Urge US Senate to Advance Market Reform Bill

A group of more than 100 US-based cryptocurrency firms and trade organizations has appealed to the Senate Banking Committee to move forward with the Clarity Act, a proposed bill aimed at creating a federal framework for cryptocurrency markets. In a letter addressed to Committee Chairman Tim Scott, Ranking Member Elizabeth Warren, Subcommittee Chairwoman Cynthia Lummis, and Ranking Member Ruben Gallego, the coalition argued 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 lawsuits filed by the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) during the Biden administration. The effort has garnered support from prominent companies such as Coinbase, Circle Internet, Kraken, Ripple, Andreessen Horowitz, and Paradigm, as well as developer groups, state blockchain associations, and university chapters of Stand With Crypto. The coalition has identified six key priorities for lawmakers to address, including the preservation of consumer rewards associated with payment stablecoins, the definition of regulatory roles for the SEC and CFTC, and the protection of non-custodial tool developers. Additionally, the group is advocating for simplified disclosure rules and a federal standard that preempts a patchwork of state laws. The coalition warned 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, 'The United States needs clear, comprehensive rules for digital asset markets. It's a global competition, and the US must take the lead.' Kim emphasized that 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, ultimately moving the US closer to establishing a global standard for digital asset markets.