The Coalition for Cryptocurrency Market Integrity (CMIC), a group of more than 50 cryptocurrency companies, has called on U.S. President Joe Biden and Vice President Kamala Harris to set clear rules for the digital asset industry, saying that without them, consumers will be hurt and innovation will stop. The coalition, founded by Coinbase, Circle and The Digital Chamber, includes Robinhood, BitGo and Chainalysis among its members. In a letter to the White House on Wednesday, the coalition wrote that other jurisdictions, including the European Union, Japan and the United Kingdom, have begun to develop regulatory frameworks. "Many of the losses of the past few years could have been avoided with basic consumer protections, and CMIC members are particularly concerned given our public commitment to market integrity and our efforts to develop rigorous industry standards to monitor and eliminate market misconduct," the members said. The letter read that the lack of clear rules on how regulators enforce cryptocurrencies has resulted in compliant U.S. companies losing customers and market share, while those companies have gone to entities that do not follow the rules. The coalition also wrote: "We would like to see the U.S. government work with Congress to enact such foundational legislation this year. Missing out on legislative opportunities would be a mistake that will be noted at home and abroad."