A coalition of U.S. crypto companies and trade groups called on the Senate Banking Committee to proceed with a markup of the Clarity Act, a bill that would create a federal framework for crypto markets.

In a letter to Chairman Tim Scott, Ranking Member Elizabeth Warren Subcommittee Chairwoman Cynthia Lummis and Ranking Member Ruben Gallego, the group argued that action by government agencies alone cannot deliver stable rules.

The letter cites the risk of returning to “regulation by enforcement,” referring to a series of court cases brought by the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) that defined policy under President Joe Biden.

More than 100 signatories are backing the effort. These…