Over 100 crypto firms urge US Senate to pass CLARITY Act

A coalition of more than 100 cryptocurrency companies, including Coinbase (COIN), Circle (CRCL), and Ripple, has sent a letter to the U.S. Senate Banking Committee urging it to advance the Crypto-Asset Market Structure (CLARITY) Act, CoinDesk reported. The group argued that individual actions by government agencies cannot create a stable regulatory environment and warned that without the bill, there is a risk of reverting to the "regulation by enforcement" approach seen during the Biden administration. They emphasized the need for a clear federal regulatory framework. Prominent venture capital firms like Andreessen Horowitz (a16z), Paradigm, and Consensys, along with developer groups and university crypto organizations, also joined the effort. The coalition delivered six core demands, including: - A clear division of responsibilities between the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) - Protections for developers of non-custodial apps - Simplified disclosure rules - The establishment of a federal standards bill