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

A broad coalition of US cryptocurrency companies and trade associations has urged the Senate Banking Committee to move forward with a markup of the Clarity Act, a 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 references the risks associated with reverting to 'enforcement-based regulation,' citing a series of court cases initiated by the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) under President Joe Biden's administration. The effort is supported by more than 100 signatories, including prominent companies such as Coinbase, Circle Internet, Kraken, Ripple, Andreessen Horowitz, Paradigm, Consensys, Anchorage Digital, and Galaxy Digital, alongside developer groups, state blockchain associations, and university chapters of Stand With Crypto. The coalition has identified six key priorities for lawmakers to address, including the preservation of consumer rewards associated with payment stablecoins, the definition of oversight roles for the SEC and CFTC, and the protection of developers of non-custodial tools. Additionally, the coalition is advocating for simplified disclosure rules and a federal standard to prevent a patchwork of state laws. The group noted that major jurisdictions like the European Union have already implemented comprehensive cryptocurrency regulatory frameworks, warning that the absence of similar legislation in the US risks driving investment, jobs, and development abroad. 'America requires clear, comprehensive rules for digital asset markets. This is a global competition, and it is crucial for the US to take the lead,' stated Ji Hun Kim, CEO of the Crypto Council for Innovation, in an email. '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. A markup will bring us closer to achieving durable rules that ensure the US sets the global standard for digital asset markets,' Kim added. The Committee has not yet scheduled a markup.