Coalition of Major Crypto Companies Pressures Senate for Federal Digital Asset Framework
A powerful alliance of more than 100 cryptocurrency firms has issued an urgent call to the Senate Banking Committee, demanding swift action on the Clarity Act to establish a comprehensive federal framework for digital asset markets. The coalition includes industry heavyweights such as Coinbase, Circle Internet, Kraken, Ripple, and Andreessen Horowitz.
In a formal letter addressed to key Senate leaders including Chairman Tim Scott, Ranking Member Elizabeth Warren, Subcommittee Chairwoman Cynthia Lummis, and Ranking Member Ruben Gallego, the group emphasized that regulatory agencies acting alone cannot provide the stable rules the industry desperately needs.
"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," stated Ji Hun Kim, CEO of the Crypto Council for Innovation.
Six Critical Priorities for Digital Asset Regulation
The coalition has outlined six key priorities that lawmakers must address to create effective cryptocurrency regulation. These priorities focus on protecting consumer rewards linked to payment stablecoins, establishing clear jurisdictional boundaries between the SEC and CFTC, and safeguarding developers who create non-custodial tools.
The group also advocates for simplified disclosure requirements and a unified federal standard that would prevent the emergence of conflicting state-level regulations. This comprehensive approach aims to provide certainty for businesses operating in the digital asset space while maintaining robust consumer protections.
The letter specifically warns against returning to "regulation by enforcement," referencing the series of court cases initiated by the Securities and Exchange Commission and the Commodity Futures Trading Commission during the Biden administration that have created uncertainty in the market.
Global Competition Drives Urgency
The coalition's appeal comes as other major jurisdictions, particularly the European Union, have already implemented comprehensive blockchain and cryptocurrency regulatory frameworks. The group warns that America's regulatory delay risks pushing investment, jobs, and innovation offshore to more crypto-friendly jurisdictions.
Beyond major corporations, the coalition includes developer groups, state blockchain associations, and university chapters of Stand With Crypto, representing a broad cross-section of the digital asset ecosystem. Notable participants include Paradigm, Consensys, Anchorage Digital, and Galaxy Digital, demonstrating the industry's unified stance on the need for federal action.
The Senate Banking Committee has not yet scheduled a markup session for the Clarity Act, despite mounting pressure from industry stakeholders. The proposed legislation would build upon previous bipartisan efforts and the success of the GENIUS Act to create durable regulatory standards that could position the United States as the global leader in digital asset markets.
As the cryptocurrency industry continues to mature and gain mainstream adoption, the absence of clear federal guidelines has created significant challenges for companies seeking to operate compliantly while innovating in the space. The coalition's coordinated effort represents one of the most significant pushes for comprehensive crypto regulation in recent years.
