The Digital Asset Market Clarity Act of 2025, known as the CLARITY Act, could bring the crypto industry back to the United States, says Bill Hughes, senior counsel and director of global regulatory matters at Consensys.
“The US dollar is the world's largest fiat on-ramp for cryptocurrency, accounting for over $2.4 trillion in volume between July 2024 and June 2025,” Hughes said.
But most crypto trading happens on exchanges outside the US. Binance alone accounted for over 38% of all centralized exchange trading volume in December 2025. Coinbase was the only US-based exchange in the top 10, holding just 6.1% market share.
Passing the CLARITY Act would end years of regulatory uncertainty and encourage projects to build in the US. However, the window is closing due to the upcoming midterm elections, Hughes warned. The Senate has only weeks to move the bill before the August recess. If no progress is made, the next opportunity for comprehensive crypto regulation may not come until 2030.
Brad Garlinghouse, CEO of Ripple Labs, speaking at the Consensus 2026 conference in Miami, cautioned that passage is still not guaranteed. A HarrisX poll found 52% of registered US voters support the CLARITY Act, with strong bipartisan backing.