Over 100 Crypto Firms Push Senate to Advance US Market Regulation Bill

A group of US cryptocurrency companies and trade associations has urged the Senate Banking Committee to move forward with the Clarity Act, a bill aimed at establishing a federal framework for crypto markets. In a letter to committee leaders, the coalition argued 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 effort is supported by over 100 signatories, including prominent companies such as Coinbase, Circle, and Ripple, as well as developer groups and state blockchain associations. The coalition has identified six key priorities for lawmakers, including preserving consumer rewards for payment stablecoins, defining SEC and CFTC oversight roles, and protecting non-custodial tool developers. They also called for simplified disclosure rules and a federal standard to avoid a patchwork of state laws. The group warned that the absence 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. It's a global competition, and the US must lead.' Kim emphasized that the Senate Banking Committee can build on bipartisan efforts and the success of the GENIUS Act by advancing legislation that provides regulatory clarity, robust consumer protections, and strong safeguards for developers.