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

A collective of US-based cryptocurrency companies and trade organizations has urged the Senate Banking Committee to move forward with the markup of the Clarity Act, a proposed bill aimed at establishing a 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 group emphasized that regulatory stability cannot be achieved through agency actions alone. The letter highlights the risks of reverting to 'enforcement-based regulation', referencing a series of court cases initiated by the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) during President Joe Biden's 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 preserving consumer rewards associated with payment stablecoins, defining the oversight roles of the SEC and CFTC, and protecting developers of non-custodial tools. Additionally, the group has called for simplified disclosure rules and a federal standard to prevent a patchwork of state laws. The coalition warns that the absence of US legislation may drive investment, jobs, and development overseas, citing the example of the European Union, which has already implemented a comprehensive cryptocurrency framework. 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 further 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 establish the US as the global standard for digital asset markets.' However, the Committee has yet to schedule a markup.