Over 100 Cryptocurrency Companies Push for US Market Reform Bill

A group of US cryptocurrency firms 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 cryptocurrency markets. In a letter to committee leaders, the group 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 lawsuits filed by the SEC and CFTC under the Biden administration. The effort has garnered support from over 100 prominent companies, including Coinbase, Circle, and Ripple, as well as developer groups and university chapters. The coalition has identified six key areas for lawmakers to address, including the preservation of consumer rewards for payment stablecoins, clear oversight roles for the SEC and CFTC, and protection for non-custodial tool developers. The group also advocates for simplified disclosure rules and a federal standard to prevent a patchwork of state laws. The absence of US legislation risks driving investment, jobs, and development abroad, as other major jurisdictions like the EU have already implemented comprehensive cryptocurrency frameworks. According to Ji Hun Kim, CEO of the Crypto Council for Innovation, 'the US needs clear, comprehensive rules for digital asset markets to lead the global race'. Kim emphasized 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.