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More than 100 crypto firms urge Senate to move on U.S. market structure bill
TL;DR
Over 100 U.S. crypto firms are urging the Senate to advance the Clarity Act, which aims to establish a federal framework for crypto markets. They warn against relying solely on government enforcement actions for regulation.
Key points
- Over 100 crypto firms urge Senate to advance the Clarity Act
- The Clarity Act aims to create a federal framework for crypto markets
- Concerns about regulation by enforcement from SEC and CFTC
- High-profile companies like Coinbase and Ripple support the bill
- Coalition highlights six priorities for lawmakers
Mentioned in this story
CoinbaseCircle InternetKrakenRippleAndreessen HorowitzParadigmConsensysAnchorage DigitalGalaxy DigitalTim ScottElizabeth WarrenCynthia LummisRuben Gallego
A coalition of U.S. crypto companies and trade groups called on the Senate Banking Committee to proceed with a markup of the Clarity Act, a bill that would create a federal framework for crypto markets.
In a letter to Chairman Tim Scott, Ranking Member Elizabeth Warren Subcommittee Chairwoman Cynthia Lummis and Ranking Member Ruben Gallego, the group argued that action by government agencies alone cannot deliver stable rules.
The letter cites the risk of returning to "regulation by enforcement," referring to a series of court cases brought by the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) that defined policy under President Joe Biden.
More than 100 signatories are backing the effort. These include high-profile companies including Coinbase, Circle Internet, Kraken, Ripple, Andreessen Horowitz, Paradigm, Consensys, Anchorage Digital and Galaxy Digital alongside developer groups, state blockchain associations and university chapters of Stand With Crypto.
The coalition flagged six priorities for lawmakers to address. These include preserving consumer rewards tied to payment stablecoins, defining oversight roles for the SEC and CFTC, and protecting developers who build non-custodial tools.
It also called for disclosure rules that are easier to follow and a federal standard that avoids a patchwork of state laws.
Other major jurisdictions, such as the European Union, have already enacted comprehensive cryptocurrency frameworks, and the group warned that the absence of U.S. legislation risks pushing investment, jobs and development offshore.
"America needs clear, comprehensive rules for digital asset markets. It is a global race to the top, and it is important for the U.S. to lead,” Ji Hun Kim, CEO of the Crypto Council for Innovation, in an email.
“The Senate Banking Committee can build on years of bipartisan work and the GENIUS Act's success by advancing legislation that delivers regulatory clarity, robust consumer protections, and strong safeguards for developers. A markup will move us closer to durable rules that ensure the U.S. sets the global standard for digital asset markets,” Kim said.
The Committee has not scheduled a markup.
Q&A
What is the Clarity Act and what does it aim to achieve?
The Clarity Act is a proposed bill that seeks to create a federal framework for regulating crypto markets in the U.S.
Which companies are supporting the push for the Clarity Act?
More than 100 crypto firms, including Coinbase, Kraken, and Ripple, are backing the effort to advance the Clarity Act.
What are the main concerns raised by the coalition regarding crypto regulation?
The coalition is concerned about the risk of 'regulation by enforcement' and emphasizes the need for stable rules rather than relying on government agency actions.
