A coalition of over 100 U.S. cryptocurrency companies and industry associations has called on the Senate Banking Committee to advance the Clarifying Act, a bill aimed at creating a federal framework for the cryptocurrency market. In a letter to key Senate figures, including Chairman Tim Scott and Subcommittee Chair Elizabeth Warren, the group emphasized the need for legislative action to establish stable regulations, beyond the current enforcement actions by agencies like the SEC and CFTC. The coalition, which includes major firms such as Coinbase, Circle, and Ripple, outlined six priority issues for lawmakers. These include consumer protection for payment stablecoins, clear regulatory roles for the SEC and CFTC, and safeguarding developers of non-custodial tools. The group warned that without comprehensive U.S. legislation, investment and development could shift overseas, as seen with the European Union's established frameworks. The Senate Banking Committee has yet to schedule a review of the bill.