A coalition of U.S. cryptocurrency companies and trade groups has asked the Senate Banking Committee to proceed with a review of the Clarity Act, a bill that would create a federal framework for cryptocurrency markets.
In a letter to Chairman Tim Scott, Elizabeth Warren Subcommittee Chairwoman Cynthia Lummis, and Ranking Member Rubén Gallego, the group argued that action by government agencies alone cannot produce 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 support the effort. These include high-profile companies such as Coinbase, Circle Internet, Kraken, Ripple, Andreessen Horowitz, Paradigm, Consensys, Anchorage Digital and Galaxy Digital along with developer groups, state blockchain associations and university chapters of Stand With Crypto.
The coalition outlined six priorities that lawmakers must address. These include preserving consumer rewards tied to payment stablecoins, defining oversight roles for the SEC and CFTC, and protecting developers who create non-custodial tools.
He also called for disclosure rules that are easier to follow and a federal standard that avoids a hodgepodge 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 US legislation risks pushing investment, jobs and development offshore.
“The United States needs clear and comprehensive rules for digital asset markets. It is a global race to the top, and it is important for the United States to lead,” Ji Hun Kim, executive director of the Crypto Council for Innovation, said 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 provides regulatory clarity, strong consumer protections, and strong safeguards for developers. A margin will bring us closer to lasting rules that ensure the United States sets the global standard for digital asset markets,” Kim said.
The Committee has not scheduled a profit margin.
