Signatories include Coinbase, Ripple and Kraken.
The Committee has not set dates to discuss the project.
An alliance of companies and associations of the crypto ecosystem in the United States asked the Senate Banking Committee to move forward with the review of the so-called Clarity Act, an initiative that seeks to establish a federal regulatory framework for digital asset markets.
In a letter addressed to key figures such as Tim Scott, Elizabeth Warren, Cynthia Lummis and Ruben Gallego, the coalition argued that isolated actions of regulatory agencies not enough to offer regulatory stability. He also warned about the risk of returning to an approach based on “regulating through lawsuits,” alluding to the processes promoted by the United States Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) during the Joe Biden administration.
More than a hundred actors support this request, including relevant companies such as Coinbase, Circle Internet Financial, Kraken, Ripple Labs, Andreessen Horowitz, Paradigm, ConsenSys, Anchorage Digital and Galaxy Digital, as well as developer organizations, state associations and university communities linked to the Stand With Crypto movement.
The group proposed six key areas that should be considered by policymakers. These include the protection of incentives for users of stablecoins used as a means of payment, the clear delimitation of powers between the SEC and the CFTC, and safeguards for developers who build non-custodial tools. They also proposed simplifying disclosure requirements and establishing uniform federal regulations that avoid the current fragmentation between states.
The coalition also highlighted that other regions, such as the European Union, already have comprehensive regulatory frameworks, which could attract investment and talent outside the United States if action is not taken quickly.
Ji Hun Kim, CEO of the Crypto Council for Innovation, insisted in which the country needs clear and complete rules to compete on a global level. As he explained, the Senate Banking Committee has the opportunity to rely on years of bipartisan consensus and previous legislative advances to promote a law that provides legal certainty, consumer protection and support for technological innovation.
So far, the Committee has not set a date to formally discuss the project.