Over 100 crypto firms sign joint letter urging the U.S. Senate to swiftly pass the CLARITY Act

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As the global race for digital asset regulation accelerates, the U.S. Congress has yet to finalize a decision. On April 23, over 100 cryptocurrency companies and industry organizations signed a joint letter to the Senate Banking Committee, urging the swift advancement of the "CLARITY Act" review process and warning that if the legislative process continues to stall, the U.S. risks losing its leadership position in this global competition. In the joint letter addressed to Senate Banking Committee Ranking Member Tim Scott, senior Democratic Senator Elizabeth Warren, and Subcommittee on Digital Assets Chair Cynthia Lummis, crypto industry players argued that administrative actions by government agencies alone cannot provide stable rules for the market. The letter specifically pointed out that without legislation, the market could revert to the path seen during the Biden administration, where the SEC and the CFTC relied on a series of lawsuits to engage in "regulation by enforcement." This coalition brought together over 100 cryptocurrency companies. In addition to industry giants such as Coinbase, Circle, Kraken, and Ripple, it also included top venture capital firms like Andreessen Horowitz (a16z) and Paradigm, as well as companies such as Consensys, Anchorage Digital, and Galaxy Digital. Furthermore, developer communities, state blockchain associations, and university chapters of "Stand With Crypto" also joined the effort. In the letter, the coalition proposed five core priorities for lawmakers: - Preserve consumer incentive mechanisms for payment stablecoins; - Clarify the jurisdiction of the SEC and the CFTC over tokenized financial instruments; - Protect developers and service providers of decentralized technology; - Simplify disclosure requirements; - Establish uniform federal standards to avoid fragmented state-level regulations. The letter noted that other major jurisdictions, such as the EU, have already implemented comprehensive cryptocurrency regulatory frameworks. If the U.S. fails to complete legislation, it risks driving capital, jobs, and technological development overseas. Ji Hun Kim, CEO of the Crypto Council for Innovation, emphasized: "The U.S. needs a clear, comprehensive set of rules for the digital asset market. This is a global competition, and the U.S. must remain in the lead." He further pointed out: "The Senate Banking Committee can build on years of bipartisan cooperation and the success of last year's 'GENIUS Act' to advance this bill, providing regulatory clarity, robust consumer protection, and sound safeguards for developers. Initiating the review process will bring us closer to establishing a set of rules that can stand the test of time, ensuring the U.S. becomes the standard-setter for the global digital asset market." As of now, the Senate Banking Committee has not yet placed the "CLARITY Act" on its formal agenda, and the market is closely watching Congress's next move.

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