Over 100 Crypto Companies Push Senate to Advance US Market Regulation Bill

A broad coalition of US cryptocurrency businesses and trade associations has urged the Senate Banking Committee to proceed with a markup of the Clarity Act, legislation aimed at establishing a comprehensive 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 references the risk 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 is supported by over 100 signatories, including prominent companies such as Coinbase, Circle Internet, Kraken, Ripple, Andreessen Horowitz, and Paradigm, alongside developer groups, state blockchain associations, and university chapters of Stand With Crypto. The coalition has identified six key priorities for lawmakers, including the preservation of consumer rewards associated with payment stablecoins, the definition of clear oversight roles for the SEC and CFTC, and the protection of developers of non-custodial tools. Additionally, the group advocates for simpler disclosure rules and a federal standard to prevent a patchwork of state laws. The coalition notes that major jurisdictions like the European Union have already implemented comprehensive cryptocurrency regulatory frameworks, warning that the absence of similar legislation in the US could drive investment, jobs, and development abroad. 'America requires clear, comprehensive rules for digital asset markets. It's a global competition, and it's crucial for the US to take the lead,' said Ji Hun Kim, CEO of the Crypto Council for Innovation, in an email. '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. A markup will move us closer to durable rules that ensure the US sets the global standard for digital asset markets,' Kim added. However, the Committee has not yet scheduled a markup.