More than 100 U.S. cryptocurrency companies and trade groups have sent a letter to the Senate Banking Committee, urging lawmakers to move forward with a markup of the Clarity Act. The bill aims to create a federal framework for digital asset markets.
The letter, addressed to Chairman Tim Scott, Ranking Member Elizabeth Warren, Subcommittee Chairwoman Cynthia Lummis, and Ranking Member Ruben Gallego, argues that relying solely on government agencies cannot deliver stable rules. It warns against returning to what is called “regulation by enforcement.” This refers to a series of court cases under President Joe Biden, brought by the Securities and Exchange Commission and the Commodity Futures Trading Commission, which effectively defined crypto policy through litigation.
Signatories include high-profile names like Coinbase, Circle Internet, Kraken, Ripple, Andreessen Horowitz, Paradigm, Consensys, Anchorage Digital, and Galaxy Digital. Developer groups, state blockchain associations, and university chapters of Stand With Crypto are also backing the effort.
Key priorities for lawmakers
The coalition outlined six priorities. These include preserving consumer rewards tied to payment stablecoins, defining clear oversight roles for the SEC and CFTC, and protecting developers who build non-custodial tools. It also calls for simpler disclosure rules and a federal standard to avoid a patchwork of state laws.
The global race to set rules
The group pointed out that other major jurisdictions, like the European Union, have already enacted comprehensive crypto frameworks. It warned that without U.S. legislation, investment, jobs, and development could move offshore. Ji Hun Kim, CEO of the Crypto Council for Innovation, noted in a statement that America needs clear rules for digital asset markets. He said it is a global race to the top, and it is important for the U.S. to lead.
“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 added.
No markup scheduled yet
As of now, the Senate Banking Committee has not scheduled a markup for the Clarity Act. The outcome remains uncertain, but the industry is pushing hard for legislative action.
