Over 100 Cryptocurrency Firms Push for US Senate to Advance Market Regulation Bill

A US cryptocurrency coalition has urged the Senate Banking Committee to move forward with 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 stressed that regulatory stability cannot be achieved through agency actions alone, citing the risks of reverting to 'enforcement-based regulation' as seen in recent court cases involving the SEC and CFTC. The effort is backed by over 100 prominent companies, including Coinbase, Circle, and Ripple, as well as developer groups and state blockchain associations. The coalition outlined six key priorities for lawmakers, including the preservation of consumer rewards for payment stablecoins, clear oversight roles for regulatory bodies, and protection for non-custodial tool developers. Additionally, they advocated for streamlined disclosure rules and a federal standard to prevent a fragmented regulatory landscape across states. The group warned that the lack of US legislation may drive investment, employment, and innovation abroad, as other major jurisdictions like the EU have already implemented comprehensive cryptocurrency frameworks. According to Ji Hun Kim, CEO of the Crypto Council for Innovation, 'The US needs comprehensive and clear rules for digital asset markets to lead in this global space.' Kim emphasized that advancing legislation with regulatory clarity, robust consumer protections, and strong safeguards for developers is crucial for the US to set the global standard for digital asset markets.