A coalition of companies and associations in the U.S. cryptocurrency ecosystem has asked the Senate Banking Committee to move forward with its review of the so-called Clarity Act, which aims to establish a federal regulatory framework for digital asset markets.
In a letter to key figures, including Tim Scott, Elizabeth Warren, Cynthia Lummis and Ruben Gallego, the coalition blamed isolated actions by regulators. Not enough to provide regulatory stability. He also pointed to the process pursued by the U.S. Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) during President Joe Biden’s administration, warning of the risk of returning to an approach based on “regulation through litigation.”
Over 100 actors have supported this request. This includes associated companies such as Coinbase, Circle Internet Financial, Kraken, Ripple Labs, Andreessen Horowitz, Paradigm, ConsenSys, Anchorage Digital, and Galaxy Digital, as well as developer organizations, state associations, and university communities associated with the Stand With Crypto movement.
The group proposed Six key areas for policy makers to consider. These include protecting incentives for users of stablecoins used as means of payment, clear boundaries of authority between the SEC and CFTC, and safeguards for developers building non-custodial tools. They also proposed establishing uniform federal regulations that would simplify disclosure requirements and avoid the current fragmentation between states.
The coalition also emphasized that other regions, such as the European Union, already have comprehensive regulatory frameworks that could attract investment and talent from outside the United States if they do not act quickly.
Ji Hun Kim, executive director of the Crypto Council for Innovation, argued that the country needs clear and comprehensive rules to compete globally. As he explained, the Senate Banking Committee has an opportunity to rely on years of bipartisan consensus and prior legislative progress to advance legislation that provides legal certainty, consumer protection, and support for innovation.
So far, the committee has not set a date to formally discuss the project.
(Tag Translate) Cryptocurrency
