Over 100 Crypto Companies Push for US Senate to Advance Market Regulation Bill

A collective of US cryptocurrency firms and trade associations has urged the Senate Banking Committee to proceed with a markup of the Clarity Act, a proposed 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 group emphasized that regulatory stability cannot be achieved through agency actions alone. The letter highlights the risks associated with reverting to 'enforcement-based regulation,' referencing a series of court cases initiated by the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) during President Joe Biden's administration. The effort is supported by over 100 signatories, including prominent companies such as Coinbase, Circle Internet, Kraken, Ripple, Andreessen Horowitz, Paradigm, Consensys, Anchorage Digital, and Galaxy Digital, alongside developer groups, state blockchain associations, and university chapters of Stand With Crypto. The coalition has identified six key priorities for lawmakers to address, including preserving consumer rewards associated with payment stablecoins, defining clear oversight roles for the SEC and CFTC, and protecting developers of non-custodial tools. Additionally, the group advocates for simplified disclosure rules and a federal standard to prevent a patchwork of state laws. The coalition warns that the absence of US legislation may lead to investment, jobs, and development being driven offshore, 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 it's essential for the US to take the lead.' Kim further 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. 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.