Crypto Industry Coalition Pressures Senate for Federal Market Framework

A broad coalition of U.S. cryptocurrency companies and trade organizations has formally called on the Senate Banking Committee to proceed with a markup of the Clarity Act. The proposed legislation aims to establish a comprehensive federal framework for digital asset markets, moving away from the current environment of 'regulation by enforcement.' The letter, addressed to Chairman Tim Scott and other committee leaders, argues that existing agency actions by the SEC and CFTC are insufficient for providing stable, predictable rules. Signatories include industry giants such as Coinbase, Circle, Ripple, and Kraken, as well as venture capital firms like Andreessen Horowitz and Paradigm. The coalition outlined six primary objectives, including the protection of developers building non-custodial tools and the preservation of consumer rewards linked to payment stablecoins. They are seeking a unified federal standard to replace the current patchwork of conflicting state laws. Industry leaders warn that the U.S. is falling behind other jurisdictions, specifically the European Union, which has already implemented comprehensive crypto frameworks. Ji Hun Kim, CEO of the Crypto Council for Innovation, emphasized that clear rules are essential for the U.S. to maintain its leadership in the global digital asset race. As of now, the Committee has not scheduled a markup of the bill.