Over 100 Cryptocurrency Firms Push Senate for Action on US Market Regulation Bill

A broad alliance of US cryptocurrency businesses and trade associations has urged the Senate Banking Committee to advance 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 regulatory stability cannot be achieved through agency actions alone. The letter highlights the risks of reverting to 'enforcement-based regulation', referencing a string of court cases initiated by the Securities and Exchange Commission and the Commodity Futures Trading Commission under President Joe Biden's administration. The effort has garnered support from over 100 prominent signatories, including major players such as Coinbase, Circle Internet, Kraken, Ripple, Andreessen Horowitz, and several developer groups, state blockchain associations, and university chapters. The coalition has outlined six key priorities for lawmakers, including the preservation of consumer rewards associated with payment stablecoins, definition of oversight roles for the SEC and CFTC, protection of non-custodial tool developers, simplified disclosure rules, and the establishment of a federal standard to avoid a patchwork of state laws. The group warned that the absence of US legislation could lead to investment, jobs, and development being driven offshore, 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 requires clear, comprehensive rules for digital asset markets, as it is a global competition to establish the highest standards, and it is crucial for the US to take the lead.' Kim further stated that '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, ultimately moving us closer to durable rules that ensure the US sets the global standard for digital asset markets.' However, the Committee has yet to schedule a markup.