Nine months after the GENIUS Act established a federal framework for stablecoins, results are clear: the stablecoin market grew 49% in 2025 to $306 billion, and companies like Circle and Ripple received national banking charters. Clear rules drove investment and onshoring.
Now the Senate Banking Committee must act on the CLARITY Act-a bill setting rules for trading venues, jurisdictional lines between the SEC and CFTC, and token lifecycle compliance. The broader crypto market is worth $3.2 trillion, with 70 million Americans holding crypto.
The numbers are stark: U.S. crypto developers dropped 51% in a decade; 90% of global centralized exchange volume is offshore. Without action, activity will continue flowing to the EU, Singapore, and UAE, which already have clear regimes.
Senators Tillis and Alsobroks reached a bipartisan compromise on the stablecoin yield question, resolving the most contested provision. Chairman Scott has managed deep disagreements between banking and digital asset sectors.
Time is running out. The CLARITY Act passed the House with 294 votes. The Senate Banking Committee should schedule a markup immediately. America must lead in innovation, markets, and the rule of law-now is the time.