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

A US-based coalition of cryptocurrency companies and trade associations has urged the Senate Banking Committee to proceed with the markup of the Clarity Act, a proposed legislation 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 coalition emphasized that regulatory stability cannot be achieved through agency actions alone. The group expressed concerns about reverting to 'enforcement-based regulation,' citing a series of lawsuits filed by the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) during President Joe Biden's term. The effort has garnered support from over 100 signatories, including prominent companies such as Coinbase, Circle Internet, Kraken, Ripple, Andreessen Horowitz, and several developer groups, state blockchain associations, and university chapters. The coalition identified six key priorities for lawmakers, including preserving consumer rewards associated with payment stablecoins, defining the regulatory roles of the SEC and CFTC, and protecting non-custodial tool developers. Additionally, the group called for simplified disclosure rules and a federal standard to prevent a fragmented state-level regulatory landscape. The coalition warned that the absence of comprehensive US legislation may drive investment, jobs, and development abroad, as other major jurisdictions like the European Union have already implemented robust cryptocurrency frameworks. According to Ji Hun Kim, CEO of the Crypto Council for Innovation, 'America needs comprehensive, clear rules for digital asset markets, as it is a global competition to establish the highest standards.' Kim emphasized that the Senate Banking Committee can build upon 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, ultimately moving closer to establishing durable rules that set the global standard for digital asset markets.