Crypto Industry Coalition Pushes for Clarity Act Passage in US Senate

A coalition of over 100 crypto companies has sent a letter to the US Senate, urging them to advance the Clarity Act, a proposed federal regulatory framework for the digital market.

The group, which includes major players like Coinbase and Ripple, argues that relying on regulatory actions from agencies like the SEC and CFTC does not provide sufficient stability for market development. They believe that a clear and comprehensive regulatory framework is essential to maintain the country's competitiveness in a global market.

The Clarity Act aims to establish a clear division of responsibilities between the SEC and CFTC, more objective rules for information disclosure, and protection for developers of decentralized technologies. The group also emphasizes the need to avoid fragmenting regulations across states and create a single federal standard.