A coalition of more than 120 digital asset companies and organizations recently sent a letter to the U.S. Senate Committee on Banking, Housing, and Urban Affairs, urging it to move forward with a markup of digital asset market structure legislation.
The coalition requests the committee establish a comprehensive federal market structure framework for digital assets to provide regulatory certainty, protect consumers and to ensure the United States remains the global leader in financial innovation. Without a comprehensive framework, the letter said, the United States risks regulatory uncertainty as well as invests, jobs, and technological developments moving to areas that have clearer digital assets rules.
Recent regulatory agency action has helped provide clarity, the letter said, but the actions are not a substitute for legislation.
In addition, the letter lists several key priorities for market structure legislation. These include establishing a predictable federal baseline, protecting developers and service providers of decentralized technologies, and improving disclosure and network token certification processes.
The coalition is the result of years of engagement by industry stakeholders.
The letter was addressed to Tim Scott (R-SC), Banking, Housing, and Urban Affairs Committee chairman; Elizabeth Warren (D-MA), committee ranking member; Cynthia Lummis (R-WY), Digital Assets Subcommittee chairwoman; and Ruben Gallego (D-AZ), subcommittee ranking member.