More than 100 crypto firms urge Senate to act on market structure bill markup

A coalition of U.S. crypto companies and trade groups called on 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 Chairwoman Cynthia Lummis and Ranking Member Ruben Gallego, the group argued that action by government agencies alone cannot deliver 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 are backing the effort. These include high-profile companies including Coinbase, Circle Internet, Kraken, Ripple, Andreessen Horowitz, Paradigm, Consensys, Anchorage Digital and Galaxy Digital alongside developer groups, state blockchain associations and university chapters of Stand With Crypto.

The coalition flagged 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 build non-custodial tools.

It also called for disclosure rules that are easier to follow and a federal standard that avoids a patchwork 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 U.S. legislation risks pushing investment, jobs and development offshore.

“America needs clear, comprehensive rules for digital asset markets. It is a global race to the top, and it is important for the U.S. to lead,” 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 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 said.

The Committee has not scheduled a markup.