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

A collective of US cryptocurrency companies and trade organizations has urged the Senate Banking Committee to move forward with the markup of the Clarity Act, a proposed bill aimed at establishing a comprehensive federal framework for the cryptocurrency market. 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 Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) during the Biden administration. The effort is supported by more than 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 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 developers of non-custodial tools. Additionally, the coalition is advocating for simplified disclosure rules and a federal standard that avoids the fragmentation of state laws. The group notes that other major jurisdictions, such as the European Union, have already implemented comprehensive cryptocurrency regulatory frameworks, and warns that the lack 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 stated, '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 achieving durable rules that ensure the US sets the global standard for digital asset markets.' However, the Committee has not yet scheduled a markup.