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

A US crypto industry coalition has urged the Senate Banking Committee to proceed with the Clarity Act, a bill aimed at establishing a federal framework for cryptocurrency markets. In a letter to committee leaders, the coalition emphasized that government agencies alone cannot provide stable regulatory guidelines. The letter highlights the risk of reverting to 'enforcement-based regulation', referencing a series of court cases brought by the SEC and CFTC under President Joe Biden. More than 100 companies and organizations, including Coinbase, Circle Internet, Kraken, and Ripple, are backing the effort. 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 are also advocating 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 added that the Senate Banking Committee can build on years of bipartisan work by advancing legislation that provides regulatory clarity, robust consumer protections, and strong safeguards for developers, ultimately moving the US closer to setting the global standard for digital asset markets.