A coalition of US crypto companies and trade groups urged 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 Chair Cynthia Lummis and Ranking Member Ruben Gallego, the group argued that action by state agencies alone cannot deliver stable regulations.
The letter cites the risk of returning to “regulation by enforcement,” citing a series of lawsuits filed 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 support the effort. These include high-profile companies including Coinbase, Circle Internet, Kraken, Ripple, Andreessen Horowitz, Paradigm, Consensys, Anchorage Digital and Galaxy Digital, along with developer groups, state blockchain associations and university departments in Stand With Crypto.
The coalition highlighted six priorities for lawmakers to address. These include preserving consumer rewards attached to payment stablecoins, defining oversight roles for the SEC and CFTC, and protecting developers who build non-custodial tools.
It also called for easier-to-follow disclosure rules and a federal standard that avoids a patchwork of state laws.
Other major jurisdictions, such as the European Union, have already adopted comprehensive cryptocurrency frameworks, and the group warned that the absence of US legislation risks pushing investment, jobs and development offshore.
“America needs clear, comprehensive regulations for digital asset markets. It’s a global race to the top, and it’s important for the U.S. to lead the way,” 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 success of the GENIUS Act by advancing legislation that delivers regulatory clarity, robust consumer protections, and strong safeguards for developers. A markup will move us closer to durable regulations that ensure the United States sets the global standard for digital asset markets,” Kim said.
The committee has not planned a marking.
