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

A US crypto industry coalition has urged the Senate Banking Committee to move forward with the Clarity Act, a bill aimed at creating a federal framework for crypto markets. In a letter to committee leaders, the group emphasized that government agencies alone cannot provide stable regulations, citing the risk of reverting to 'enforcement-based regulation' as seen in recent court cases involving the SEC and CFTC. The coalition, comprising over 100 signatories including prominent companies such as Coinbase and Ripple, as well as developer groups and state blockchain associations, has outlined six key priorities for lawmakers. These include preserving consumer rewards for payment stablecoins, defining SEC and CFTC oversight roles, and protecting non-custodial tool developers. The group also advocates for simplified disclosure rules and a federal standard to avoid a patchwork of state laws. With other major jurisdictions like the EU having already established comprehensive cryptocurrency frameworks, the coalition warns that the absence of US legislation may drive investment, jobs, and development abroad. 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.' The Senate Banking Committee has yet to schedule a markup.