Stand With Crypto Chapter President Coalition Letter to Senate Banking Committee

Dear Members of the Senate Banking Committee, 

Earlier this year, the undersigned Stand With Crypto state chapter presidents delivered a letter urging you to advance a clear regulatory framework for digital assets, while also protecting consumer-friendly stablecoin rewards and upholding commitments to decentralized finance.  

The market structure draft recently advanced by your Senate Agriculture Committee colleagues is welcome progress and moves us one step closer to common-sense regulation. We remain hopeful that this Congress will still pass clear and fair rules of the road for crypto — without incorporating provisions that undermine the development and adoption of cutting-edge financial technology. 

As we noted in our prior letter, last year you and your colleagues made enormous progress toward securing America’s position as a global leader in the digital economy. 

Enactment of the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act was a defining moment and clear signal to the crypto community that America is ready to usher in a new era of opportunity and growth. This law protects crypto owners’ ability to earn rewards on our stablecoins, providing more and better options for securing fair returns on our money. 

Stablecoin rewards encourage digital exchanges and traditional banks to compete for customers, bringing more innovative products and services to market more quickly. Rewards are also accessible to everyone, everywhere as a means for building wealth — making them a crucial tool for expanding economic opportunity. 

Additionally, the Blockchain Regulatory Certainty Act (BRCA) was included when a broad bipartisan majority in the U.S. House of Representatives passed the Digital Asset Market Clarity (CLARITY) Act. The BRCA provides necessary guidelines to ensure American developers can innovate without fear of being punished for simply writing code. 

DeFi developers have long contended with an opaque system that could inaccurately and unfairly subject them to prosecution for activities that are not illegal or nefarious. They need regulatory clarity in order to continue creating our nation’s — and our world’s — next generation of digital asset technology. Omitting or watering down the BRCA sends a clear signal in the other direction, that Congress has no interest in this innovation happening at home. 

Stablecoin rewards and DeFi protections create a more dynamic economy for all Americans, and they must not be sacrificed as you continue negotiations related to market structure legislation. 

Our chapters are united in the belief that when market structure legislation is finalized, it must not take away users’ ability to earn rewards on our stablecoins or discourage the global DeFi system from being built domestically and imbued with American values.

This legislation is essential to create a more promising financial future for millions of Americans. We cannot, however, in good faith support a bill that would leave crypto users and builders worse off.

On behalf of our nation’s growing cryptocurrency community and the more than 2.7 million Stand With Crypto advocates nationwide, we ask that you continue working toward legislation that provides clear industry oversight, but that also preserves users’ stablecoin rewards, supports DeFi developers, and ensures a more innovative, consumer-friendly financial system for all Americans.

• Christian Narvaez, Stand With Crypto New York Chapter President
• Logan H. Fulcher, Stand With Crypto Nebraska Chapter President
• Megan KayMurray, Stand With Crypto Texas Chapter President
• Derek Porter, Stand With Crypto Colorado Chapter President
• Christian Reza, Stand With Crypto Utah Chapter President
• Shekinah Apedo, Stand With Crypto West Virginia Chapter President
• Alex Webbs, Stand With Crypto Massachusetts Chapter President
• Kenneth G. Brook III, Stand With Crypto Idaho Chapter President
• Hunter Williams, Stand With Crypto Iowa Chapter President
• Maximus Avery, Stand With Crypto Arkansas Chapter President
• Claire Parkinson, Stand With Crypto Ohio Chapter President
• Ryan M Wright, Stand With Crypto Missouri Chapter President
• Courtney Tammaro, Stand With Crypto Rhode Island Chapter President
• Caulene MacDonald, Stand With Crypto Oklahoma Chapter President
• Marcus Smith, Stand With Crypto Delaware Chapter President
• Ian McCullough, Stand With Crypto Wisconsin Chapter President
• William Hudson, Stand With Crypto Tennessee Chapter President
• Talha Siddiqi, Stand With Crypto Kansas Chapter President
• Shelton Beascochea, Stand With Crypto Arizona Chapter President
• Jason Dodson, Stand With Crypto Kentucky Chapter President
• Mike Wilson, Stand With Crypto Nevada Chapter President
• Carrie Lyn Henman, Stand With Crypto California Chapter President
• Scott Touchton, Stand With Crypto Louisiana Chapter President
• Tabari Humphries, Stand With Crypto Alabama Chapter President
• Hunter Fleischhacker, Stand With Crypto Alaska Chapter President
• Ellen Ng, Stand With Crypto Hawaii Chapter President
• Elizabeth Hansson, Stand With Crypto Michigan Chapter President
• Jonathan C. Dunsmoor, Stand With Crypto South Carolina Chapter President
• Zephan Wood, Stand With Crypto New Hampshire Chapter President
• Brandon Ferdig, Stand With Crypto Minnesota Chapter President
• Sam Weinrott, Stand With Crypto Pennsylvania Chapter President
• Ant Mathis, Stand With Crypto Georgia Chapter President
• Arry Yu, Stand With Crypto Washington Chapter President
• Dorman Bazzell, Stand With Crypto North Dakota Chapter President
• Jordan Andrews, Stand With Crypto Oregon Chapter President
• Rowland Graus, Stand With Crypto Vermont Chapter President
• Shanice Gen, Stand With Crypto Florida Chapter President
• Stephanie Chan, Stand With Crypto Wyoming Chapter President
• Gerald Gallagher, Stand With Crypto Virginia Chapter President
• Ian Spiegel, Stand With Crypto South Dakota Chapter President
• Thomas Fite, Stand With Crypto New Mexico Chapter President
• Rick Tapia, Esq., Stand With Crypto Indianaiana Chapter President
• Brandon Lee, Stand With Crypto North Carolina Chapter President
• Carlos Iván Merino, Stand With Crypto New Jersey Chapter President
• Christopher Georgen, Stand With Crypto Illinois Chapter President
• Whit Richardson, Stand With Crypto Maine Chapter President
• GIlberto Nazario, Stand With Crypto Maryland Chapter President
• Alex Shefrin, Stand With Crypto Montana Chapter President
• Joshua Baker, Stand With Crypto Mississippi Chapter President
• Lorrie Landis, Stand With Crypto Connecticut Chapter President