Over 100 Cryptocurrency Firms Push Senate for Progress on US Market Regulation Bill

A US-based coalition of cryptocurrency companies and trade associations has urged the Senate Banking Committee to move forward with the markup of the Clarity Act, a proposed bill aimed at creating 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', citing a series of court cases brought by the SEC and CFTC during the Biden administration. The coalition, which comprises over 100 signatories including prominent companies such as Coinbase, Circle Internet, Kraken, Ripple, Andreessen Horowitz, and Paradigm, has identified six key priorities for lawmakers to address. These include preserving consumer rewards associated with payment stablecoins, defining the oversight roles of the SEC and CFTC, and protecting non-custodial tool developers. The coalition also advocates for simplified disclosure rules and a federal standard to prevent a patchwork of state laws. The group warns that the absence of US legislation may drive investment, jobs, and development overseas, as other major jurisdictions like the European Union have already established 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 it's essential for the US to take the lead.' Kim adds 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. However, the Committee has yet to schedule a markup.