Over 100 Crypto Companies 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, legislation aimed at establishing a comprehensive 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', citing a series of lawsuits filed by the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) under the Biden administration. The effort has garnered support from over 100 signatories, including prominent companies such as Coinbase, Circle Internet, Kraken, Ripple, Andreessen Horowitz, Paradigm, Consensys, Anchorage Digital, and Galaxy Digital, 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 the preservation of consumer rewards associated with payment stablecoins, the definition of clear oversight roles for the SEC and CFTC, and the protection of developers of non-custodial tools. Additionally, the group has called for streamlined disclosure rules and a federal standard to prevent a patchwork of state laws. The coalition noted that other major jurisdictions, such as 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. 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 take the lead.' Kim emphasized that 'The Senate Banking Committee can build on 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.' However, the Committee has yet to schedule a markup.