Over 100 Crypto Firms Push Senate to Advance US Market Structure Legislation

A collective of US cryptocurrency companies and trade associations has urged the Senate Banking Committee to proceed with a markup of the Clarity Act, a proposed bill aimed at creating a unified 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 government agencies alone cannot provide stable regulations. The letter highlights the risks of reverting to 'enforcement-based regulation,' citing a series of court cases brought by the SEC and CFTC under President Joe Biden's administration. The effort has garnered support from over 100 prominent companies, including 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 preserving consumer rewards associated with payment stablecoins, defining the oversight roles of the SEC and CFTC, and protecting non-custodial tool developers. 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 drive investment, jobs, and development abroad, as other major jurisdictions like the European Union have already established comprehensive cryptocurrency frameworks. According to Ji Hun Kim, CEO of the Crypto Council for Innovation, 'America requires clear, comprehensive rules for digital asset markets. It's a global competition, and the US must lead.' Kim further stated, 'The Senate Banking Committee can build upon years of bipartisan efforts and the GENIUS Act's success 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.