Key Takeaways:
A coalition of more than 100 crypto firms urged the U.S. Senate Banking Committee in an April 23 letter to advance the Clarity Act, a bill aimed at creating a federal framework for digital assets and preventing investment from flowing offshore.
"America needs clear, comprehensive rules for digital asset markets," Ji Hun Kim, CEO of the Crypto Council for Innovation, which led the letter alongside the Blockchain Association, said in a statement. "It is a global race to the top, and it is important for the U.S. to lead.”
The letter, addressed to committee leaders including Chairman Tim Scott and Ranking Member Elizabeth Warren, outlines six priorities. These include defining oversight roles for the SEC and CFTC, protecting non-custodial developers, simplifying disclosure rules, and establishing a federal standard to avoid a confusing patchwork of state-level laws. Signatories include major industry players like Coinbase, Circle, Kraken, Ripple, Andreessen Horowitz, and Paradigm.
The push comes as the industry warns against a continued "regulation by enforcement" policy, which has seen regulators like the SEC bring a series of court cases to define policy. With other major jurisdictions like the European Union having already enacted comprehensive crypto frameworks, the coalition argues that further U.S. inaction risks pushing development, investment, and jobs to more certain regulatory climates. The committee has not yet scheduled a markup for the bill.
This article is for informational purposes only and does not constitute investment advice.
