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

A group of US cryptocurrency companies and trade organizations has urged the Senate Banking Committee to move forward with the Clarity Act, a bill 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 letter highlights the risks of 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 the Biden administration. The effort has garnered support from over 100 prominent companies, including Coinbase, Circle Internet, Kraken, Ripple, Andreessen Horowitz, and Galaxy Digital, as well as developer groups and state blockchain associations. The coalition has identified six key priorities for lawmakers to address, including the preservation of consumer rewards associated with payment stablecoins, clear definitions of SEC and CFTC oversight roles, and protection for non-custodial tool developers. Additionally, the group is advocating 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 implemented 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 to remain competitive globally.' Kim emphasizes 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, ultimately moving the US closer to establishing a global standard for digital asset markets.