More Than 100 US Crypto Firms Urge Senate to Review CLARITY Act

More than 100 US cryptocurrency companies are urging the Senate to take up the CLARITY Act, a bill that would establish a market-structure framework for digital assets.

CoinDesk reported on April 23 that the companies recently sent a letter to Senate Banking Committee Chairman Tim Scott, the panel’s top Democrat Elizabeth Warren, and Republican Senator Cynthia Lummis, calling for the Senate to begin reviewing the CLARITY Act. In the letter, they wrote that regulatory action alone would not be enough to build a stable institutional framework.

Signatories included major crypto firms such as Coinbase, Circle, the issuer of USDC, Kraken, Ripple and Andreessen Horowitz, or a16z. Crypto developer groups and blockchain associations in some states also joined the effort.

The industry said in the letter that delays in passing the CLARITY Act could drive investment, jobs and development capacity overseas. It also pointed to the European Union and other major jurisdictions, saying they have already put comprehensive crypto regulatory frameworks in place.

Jihoon Kim, chief executive officer of the Crypto Council for Innovation, said the US needs clear and comprehensive rules for the digital-asset market and must stay ahead in the global race for leadership. He added that Senate review of the CLARITY Act would bring the US a step closer to setting global standards for digital-asset markets.

The Senate Banking Committee has not yet scheduled a markup of the CLARITY Act. A markup is the stage at which a congressional committee conducts its final review of a bill before sending it to the full chamber.