Over 100 Cryptocurrency Companies Push for US Regulatory Reform

A group of over 100 US-based cryptocurrency firms and trade associations has urged the Senate Banking Committee to advance the Clarity Act, a bill aimed at establishing a comprehensive federal framework for cryptocurrency markets. In a letter addressed to key committee members, the coalition emphasized that government agencies alone cannot provide stable regulatory guidelines. The signatories, including prominent companies such as Coinbase and Ripple, cautioned against reverting to 'enforcement-based regulation,' citing a series of court cases involving the SEC and CFTC under the Biden administration. The coalition identified six key priorities for lawmakers, including preserving consumer incentives for payment stablecoins, defining the regulatory roles of the SEC and CFTC, and safeguarding non-custodial developers. They also called for streamlined disclosure rules and a federal standard to prevent a patchwork of state laws. The group warned that the absence of US legislation could drive investment, jobs, and innovation overseas, as other major jurisdictions like the European Union have already implemented comprehensive cryptocurrency regulations. According to Ji Hun Kim, CEO of the Crypto Council for Innovation, 'The US needs clear and comprehensive rules for digital asset markets to lead the global race.' Kim emphasized that the Senate Banking Committee can build on bipartisan efforts and advance legislation that provides regulatory clarity, robust consumer protections, and strong safeguards for developers, ultimately setting a global standard for digital asset markets.