Over 100 Cryptocurrency Firms Urge US Senate to Advance Market Regulation Bill

A large group of US cryptocurrency companies and trade associations has appealed to the Senate Banking Committee to move forward with the Clarity Act, a bill aimed at establishing a comprehensive federal framework for cryptocurrency markets. In a letter to key committee members, the group emphasized that government agencies alone cannot provide stable regulations. The letter highlights the risks of reverting to 'enforcement-based regulation', referencing a series of court cases brought by the SEC and CFTC during the Biden administration. The effort has garnered support from over 100 signatories, including prominent companies such as Coinbase, Circle Internet, Kraken, and Ripple, as well as developer groups and state blockchain associations. The coalition has identified six key priorities for lawmakers, including preserving consumer rewards for payment stablecoins, defining clear oversight roles for the SEC and CFTC, and safeguarding non-custodial tool developers. The group also advocates for simplified disclosure rules and a federal standard to prevent a patchwork of state laws. The absence of US legislation risks driving investment, jobs, and development abroad, 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 needs clear, comprehensive rules for digital asset markets. It's a global competition, and the US must lead.' Kim added that the Senate Banking Committee can build on 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. The Committee has yet to schedule a markup.