US Crypto Firms Push Senate for Action on Market Regulation Bill

A coalition of over 100 US cryptocurrency companies and trade associations has urged the Senate Banking Committee to advance the Clarity Act, a bill aimed at establishing a federal framework for cryptocurrency markets. In a letter to key committee members, the group emphasized that government agencies alone cannot provide stable regulations, citing the risk of reverting to 'enforcement-based regulation' as seen in recent court cases involving the SEC and CFTC. The coalition, which includes prominent companies such as Coinbase, Kraken, and Ripple, as well as developer groups and state blockchain associations, has identified six key priorities for lawmakers. These include preserving consumer rewards for payment stablecoins, defining clear oversight roles for the SEC and CFTC, protecting non-custodial tool developers, simplifying disclosure rules, and establishing a federal standard to avoid a patchwork of state laws. The group warned that the lack of US legislation may drive 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... The Senate Banking Committee can build on years of bipartisan work... by advancing legislation that delivers regulatory clarity, robust consumer protections, and strong safeguards for developers.'