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

A group of prominent US cryptocurrency firms and trade associations has appealed to the Senate Banking Committee to expedite the markup of the Clarity Act, a bill aimed at establishing a comprehensive 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 court cases initiated by the SEC and CFTC under President Joe Biden's administration. The effort has garnered support from over 100 signatories, including notable 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 clear oversight roles for the SEC and CFTC, and the protection of non-custodial tool developers. Additionally, the group advocates for simplified disclosure rules and a federal standard that preempts a patchwork of state laws. The coalition notes that major jurisdictions like the European Union have already enacted comprehensive cryptocurrency frameworks, warning 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, 'America needs clear, comprehensive rules for digital asset markets. It's a global competition, and it's essential for the US to take the lead.' Kim further emphasized 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. A markup will bring us closer to establishing durable rules that ensure the US sets the global standard for digital asset markets.' However, the Committee has yet to schedule a markup.