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

A US cryptocurrency coalition, comprising over 100 companies and trade organizations, has urged the Senate Banking Committee to proceed with the markup of the Clarity Act, a bill aimed at establishing a federal framework for cryptocurrency markets. In a letter addressed to committee leaders, the group emphasized that governmental agencies alone cannot provide stable regulations. The letter highlights the risks of reverting to 'enforcement-based regulation,' citing a series of court cases initiated by the SEC and CFTC under the Biden administration. The coalition, which includes prominent companies such as Coinbase, Circle Internet, and Ripple, as well as developer groups and state blockchain associations, has identified six key priorities for lawmakers. These include preserving consumer rewards associated with payment stablecoins, defining SEC and CFTC oversight roles, and protecting non-custodial tool developers. The group also advocates 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 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, 'The US needs clear, comprehensive rules for digital asset markets, as it is a global competition, and the US should take the lead.' Kim emphasized that the Senate Banking Committee can build on years of bipartisan work by advancing legislation that provides regulatory clarity, robust consumer protections, and strong safeguards for developers, ultimately setting the global standard for digital asset markets.