A coalition of U.S. crypto companies and trade groups has called on the Senate Banking Committee to conduct a review of the Clarity Act, a bill that would create a federal framework for crypto markets.
In a letter to Chairman Tim Scott, Subcommittee Chairwoman Elizabeth Warren, Cynthia Lummis, and Ranking Member Ruben Gallego, the group argued that action by government agencies alone cannot provide stable rules.
The letter discusses the risk of returning to “regulation by enforcement,” referencing a series of lawsuits brought by the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) that set policy under President Joe Biden.
More than 100 signatories support this effort. These include leading companies including Coinbase, Circle Internet, Kraken, Ripple, Andreessen Horowitz, Paradigm, Consensys, Anchorage Digital and Galaxy Digital, as well as developer groups, national blockchain associations and university chapters of Stand With Crypto.
The coalition has identified 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 create non-custodial tools.
He 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 lack of U.S. legislation risks pushing investment, employment and development overseas.
“America needs clear and comprehensive rules for digital asset markets. This is a global race to the top, and it is important that the United States leads,” Ji Hun Kim, CEO 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 markup 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 provided for an increase.
