More than 100 crypto firms urge Senate to move on U.S. market structure bill
Key priorities include defining clear SEC and CFTC oversight roles, protecting non-custodial developers, simplifying disclosure rules, and avoiding a patchwork of state laws.
What to know:
- A coalition of over 100 crypto firms, including Coinbase and Ripple, is pressing the Senate Banking Committee to mark up the Clarity Act to create a federal framework for digital assets.
- Key priorities include defining clear SEC and CFTC oversight roles, protecting non-custodial developers, simplifying disclosure rules, and avoiding a patchwork of state laws.
- The coalition warns the lack of a comprehensive U.S. crypto framework risks pushing investment and jobs offshore, urging Congress to set the global market standard.
The letter cites the risk of returning to “regulation by enforcement,” referring to a series of court cases brought by the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) that defined policy under President Joe Biden.
More than 100 signatories are backing the effort. These include high-profile companies including 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 flagged six priorities for lawmakers to address. These include preserving consumer rewards tied to payment stablecoins, defining oversight roles for the SEC and CFTC, and protecting developers who build non-custodial tools.
