A coalition of U.S. cryptocurrency companies and trade groups is calling on the Senate Banking Committee to continue raising fees on the Clarification Act, which would create a federal framework for the cryptocurrency market.
The group said in a letter to Chairman Tim Scott, Ranking Member Elizabeth Warren, Subcommittee Chair Cynthia Loomis and Ranking Member Ruben Gallego that the actions of government agencies alone cannot create stable rules.
The letter cited the risk of a return to “enforcement oversight,” referring to a series of court cases brought by the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) that have defined President Joe Biden’s policies.
More than 100 signatories supported the effort. These include well-known companies such as Coinbase, Circle Internet, Kraken, Ripple, Andreessen Horowitz, Paradigm, Consensys, Anchorage Digital, and Galaxy Digital, as well as developer groups, state blockchain associations, and university chapters of Stand With Crypto.
The coalition proposed six priorities that lawmakers need to address. These include retaining consumer rewards associated with paying stablecoins, defining the oversight role of the SEC and CFTC, and protecting developers who build non-custodial tools.
It also calls for disclosure rules that are easier to follow and federal standards that avoid a patchwork of state laws.
Other major jurisdictions, such as the European Union, have enacted comprehensive cryptocurrency frameworks, and the organization warned that the lack of U.S. legislation could lead to investment, jobs and development being diverted offshore.
“The United States needs clear, comprehensive rules for the digital asset market. This is a global competition and U.S. leadership is important,” Ji Hun Kim, CEO of the Cryptocurrency Innovation Council, said in an email.
“The Senate Banking Committee can build on years of bipartisanship and the success of the Genius Act by advancing legislation that provides regulatory clarity, strong consumer protections, and robust safeguards for developers. A price increase will bring us closer to durable rules that ensure the United States sets global standards for digital asset markets,” Kim said.
The council has yet to arrange a fare increase.