Over 100 Cryptocurrency Firms Push Senate for US Market Reform Bill

A group of US cryptocurrency companies and trade associations has urged the Senate Banking Committee to proceed with a markup of the Clarity Act, a bill aimed at creating a federal framework for cryptocurrency markets. In a letter to committee leaders, the group argued that government agencies alone cannot provide stable regulations. The letter highlights the risk of reverting to 'enforcement-based regulation,' citing a series of court cases brought by the SEC and CFTC under President Joe Biden. The effort has garnered support from over 100 signatories, including prominent companies such as Coinbase, Circle Internet, Kraken, Ripple, Andreessen Horowitz, and Paradigm, as well as developer groups and state blockchain associations. The coalition has identified six key priorities for lawmakers, including preserving consumer rewards for payment stablecoins, defining the oversight roles of the SEC and CFTC, and protecting non-custodial tool developers. The group also advocates for simplified disclosure rules and a federal standard to avoid a patchwork of state laws. The absence of US legislation risks driving investment, jobs, and development abroad, as other major jurisdictions like the European Union have already enacted comprehensive cryptocurrency frameworks. 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 the US must lead.' Kim emphasized that the Senate Banking Committee can build on years of bipartisan work and advance legislation that provides regulatory clarity, robust consumer protections, and strong safeguards for developers. However, the Committee has not yet scheduled a markup.