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

A collective of US cryptocurrency firms and trade organizations has urged the Senate Banking Committee to proceed with a markup of the Clarity Act, a bill aimed at creating a 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 group emphasized that government agencies alone cannot provide stable regulations. The letter highlights the risk of reverting to 'enforcement-based regulation', referencing a series of court cases brought by the Securities and Exchange Commission and the Commodity Futures Trading Commission under President Joe Biden. The effort has garnered support from over 100 signatories, including prominent companies such as 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 tied to payment stablecoins, defining oversight roles for the SEC and CFTC, and protecting non-custodial tool developers. Additionally, the group advocates for simplified disclosure rules and a federal standard to avoid a patchwork of state laws. The coalition warns that the absence of US legislation may drive investment, jobs, and development overseas, 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 it's essential for the US to lead.' Kim added, 'The Senate Banking Committee can build on years of bipartisan work and the GENIUS Act's success by advancing legislation that delivers regulatory clarity, robust consumer protections, and strong safeguards for developers. A markup will move us closer to durable rules that ensure the US sets the global standard for digital asset markets.' However, the Committee has not yet scheduled a markup.