Over 100 Cryptocurrency Firms Push Senate for US Market Reform Bill

A collective of US cryptocurrency companies and trade associations has urged the Senate Banking Committee to advance the markup of the Clarity Act, legislation aimed at creating a unified 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 emphasized 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) 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, Paradigm, Consensys, Anchorage Digital, and Galaxy Digital, as well as developer groups, state blockchain associations, and university chapters of Stand With Crypto. The coalition has outlined six key priorities for lawmakers, including the preservation of consumer rewards associated with payment stablecoins, the definition of oversight roles for the SEC and CFTC, and the protection of developers creating non-custodial tools. Additionally, the group has called for simplified disclosure rules and a federal standard to prevent a patchwork of state laws. The coalition warns 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. 'The US needs comprehensive, clear rules for digital asset markets. It's a global competition, and it's essential for the US to take the lead,' said Ji Hun Kim, CEO of the Crypto Council for Innovation, in an email. '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. A markup will bring us closer to establishing durable rules that set the global standard for digital asset markets,' Kim added. However, the Committee has yet to schedule a markup.