In a letter to the leaders of the Senate Banking Committee, the companies argued that that action by government agencies cannot by itself provide stable rules for the digital asset sector, CoinDesk reported Thursday (April 23).

The letter points to the risk of returning to “regulation by enforcement,” a common criticism of the government from the crypto industry under the administration of President Joe Biden.

More than 100 companies have signed onto the letter, CoinDesk said, including high-profile firms like Coinbase, Circle, Kraken and Ripple, plus developer groups, state blockchain associations and…