A coalition of more than 100 crypto firms and trade groups is pressing the Senate Banking Committee to move forward with a markup of the Clarity Act, a proposed federal framework for digital asset markets.
In a letter sent to Chairman Tim Scott, Ranking Member Elizabeth Warren, Subcommittee Chairwoman Cynthia Lummis and Ranking Member Ruben Gallego, the group argued that agency actions alone cannot produce stable, predictable rules. They warned the U.S. risks returning to “regulation by enforcement” — a reference to a string of high-profile SEC and CFTC court actions that have shaped crypto policy under the Biden administration.
The signatories include major industry names and influential backers: Coinbase, Circle Internet, Kraken, Ripple, Andreessen Horowitz, Paradigm, Consensys, Anchorage Digital and Galaxy Digital, alongside developer organizations, state blockchain associations and university chapters of Stand With Crypto.
The coalition flagged six priorities it wants lawmakers to address, among them:
- preserving consumer rewards tied to payment stablecoins;
- clearly defining oversight roles for the SEC and CFTC;
- protecting developers building non-custodial tools;
- simpler, more practical disclosure rules; and
- a federal standard to avoid a patchwork of state laws.
The group also pointed to international competition, noting that jurisdictions such as the European Union have already enacted comprehensive crypto rules. Without U.S. legislation, they warned, capital, jobs and innovation could shift 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, said in an emailed statement. Kim added that the Senate Banking Committee could build on bipartisan work and the GENIUS Act’s progress by advancing legislation that delivers regulatory clarity, consumer protections and developer safeguards — and that a markup would be a key next step toward durable rules.
As of now, the Senate Banking Committee has not scheduled a markup on the Clarity Act.
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