Over 100 Cryptocurrency Firms Push for US Senate to Advance Market Regulation Bill

A collective of US cryptocurrency companies and trade associations has urged the Senate Banking Committee to proceed with reviewing the Clarity Act, a proposed bill aimed at establishing a federal framework for cryptocurrency markets. In a letter addressed to committee leaders, the group emphasized that government agencies alone cannot provide stable regulatory guidelines. The letter highlights the risk of reverting to 'enforcement-based regulation', referencing a series of court cases initiated by the Securities and Exchange Commission and the Commodity Futures Trading Commission under President Joe Biden's administration. The effort has garnered support from over 100 signatories, including prominent companies such as Coinbase, Circle Internet, Kraken, Ripple, Andreessen Horowitz, and Galaxy Digital, as well as developer groups and state blockchain associations. The coalition has identified six key priorities for lawmakers to address, including the preservation of consumer rewards associated with payment stablecoins, definition of oversight roles for regulatory agencies, and protection of non-custodial tool developers. Additionally, the group advocates for simplified disclosure rules and a federal standard to prevent a fragmented regulatory landscape across states. The absence of comprehensive US legislation may drive investment, employment, 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 US requires clear and comprehensive regulations for digital asset markets, as it is a global competition, and the US should 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 protection, and strong safeguards for developers, ultimately moving us closer to establishing durable rules that set the global standard for digital asset markets.' However, the Committee has yet to schedule a review.