CMIC urges US Congress to legislate crypto

The Crypto Market Integrity Coalition has called on Congress to create a national regulatory framework for digital assets before the end of the current legislative session.

In a Nov. 14 letter seen by Crypto.news, CMIC called on Congress to develop a “harmonious mindset” toward crypto, emphasizing that delays leave consumers unprotected and discourage innovation in the United States.

The letter’s message to Congress argued that consumers remain vulnerable to unregulated bad actors and that American companies will lose ground to international competitors that take advantage of cleaner regulatory environments abroad.

CMIC’s letter points out that while countries such as the EU and Japan have adopted digital asset frameworks, the US lacks clarity.

CMIC is a group of 55 digital asset companies, including Coinbase, Robinhood and Circle.

Calls to action on stablecoins and fraud prevention

One of CMIC’s main priorities was to create a regulatory framework around payment stablecoins. Stablecoins are cryptocurrencies designed to maintain a fixed value, usually pegged to the US dollar, and widely used in transactions in the digital economy.

CMIC argued that formal rules on stablecoins could offer both economic and security benefits by encouraging the use of the US dollar in global crypto markets. The letter noted that clearer stablecoin regulations could help reduce fraud risks and allow American consumers and businesses to use stable digital assets more securely.

The coalition also emphasized that the previous “regulation through sanctions” approach, in which institutions took action only after harm had occurred, created an unstable environment.

This reactive approach has led to loopholes in which unregulated crypto companies operate freely, potentially exposing U.S. consumers to fraud or financial losses, the letter argued.

“Congressional failure to act has left the United States dependent on regulation through sanctions alone. “This sent a strong signal to market manipulators and offshore, unregulated crypto companies that successful fraud and market abuses are just a matter of staying one step ahead of U.S. law enforcement.”

Crypto Market Integrity Coalition

Pressure for immediate legal action

CMIC’s letter urged members to align with current bipartisan digital asset proposals in Congress and distribute regulatory responsibilities among different government agencies, thus promoting security and compliance in the crypto industry.

“Americans are waiting… We encourage you to heed the call of millions of Americans to act now. Missing the legislative opportunity would be a mistake that would be noticed at home and abroad. CMIC and its members stand ready to serve as a resource on behalf of regulated and responsible American industry.”

Crypto Market Integrity Coalition