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

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 establishing a federal framework for cryptocurrency markets. In a letter to committee leaders, the coalition argued that government agencies alone cannot provide stable regulations, citing the risk of reverting to 'enforcement-based regulation' as seen in a series of court cases involving the SEC and CFTC under the Biden administration. The effort has garnered support from over 100 signatories, including prominent companies such as Coinbase, Circle, and Ripple, 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 regulatory roles for the SEC and CFTC, 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 absence of US legislation risks driving investment, jobs, and development abroad, as other major jurisdictions like the European Union have already implemented 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 efforts and advance legislation that provides regulatory clarity, robust consumer protections, and strong safeguards for developers, ultimately setting the global standard for digital asset markets.