A coalition of more than 100 crypto companies and trade groups has formally called on the Senate Banking Committee to advance the Clarity Act, a bill designed to establish a federal framework for digital asset markets. The supporting evidence appears in the filing.
The letter was addressed to Committee Chairman Tim Scott, Ranking Member Elizabeth Warren, Subcommittee Chairwoman Cynthia Lummis, and Ranking Member Ruben Gallego.
Signatories include 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 argues that regulatory guidance from agencies alone cannot deliver the stable, predictable rules the industry needs to grow inside the United States.
Six Priorities Laid Out for Lawmakers
The letter to the Senate Banking Committee outlines six areas where the coalition wants the Clarity Act to deliver concrete results. These cover defining clear oversight boundaries between the SEC and the CFTC, protecting developers who build non-custodial tools, and crafting disclosure rules that are simpler to follow in practice.
The group also wants Congress to preserve consumer rewards tied to payment stablecoins and to establish a single federal standard that replaces the current fragmented landscape of state-level rules.
Without unified federal legislation, the coalition warns, enforcement-driven regulation through court cases will fill the void, echoing the approach taken under the Biden administration.
“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,” said Ji Hun Kim, CEO of the Crypto Council for Innovation. Kim urged the Senate Banking Committee to build on bipartisan groundwork already laid, including progress tied to the GENIUS Act stablecoin legislation.
Global Competition Adding Urgency
The coalition points to the European Union’s comprehensive crypto regulatory framework as a benchmark the United States risks falling behind. Absent federal legislation, the group argues, capital, jobs, and blockchain development activity will migrate to jurisdictions with clearer rules.
The timing of the push matters. Stablecoin legislation has already gained bipartisan traction in the Senate, and the crypto industry is treating that momentum as a window to also move market structure legislation forward before the congressional calendar tightens.
Coinbase and several other major signatories have spent years lobbying for exactly this kind of regulatory clarity after years of facing SEC enforcement actions instead of clear statutory guidance.
Whether the Senate Banking Committee schedules a markup of the Clarity Act in the near term remains uncertain, but the breadth of the coalition signals that industry pressure on this issue has reached a new level of coordination.
Not Financial Advice: This article is for informational purposes only. Crypto investments are highly volatile. Always do your own research.
