Passing the Digital Asset Market Clarity Act of 2025, also known as CLARITY, will help to reshore the crypto industry in the United States, according to Bill Hughes, the senior counsel and director of global regulatory matters at Consensys, a crypto infrastructure company.
“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.
However, the vast majority of crypto trading volume takes place on exchanges based outside of the United States, Hughes said, adding that Binance alone accounted for over 38% of all centralized exchange trading volume in December 2025.
Coinbase was the only US-based exchange out of the 10 listed on Coingecko’s top 10 centralized exchanges report for 2025, and it only had a 6.1% market share.
Top 10 centralized crypto exchanges by trading volume in 2025. Source: Coingecko
Passing the CLARITY Act would cement clear rules for the crypto industry in the US, formally ending years of regulatory uncertainty for the sector and encouraging projects to build in the US; however, time is running out for passing the bill, according to Hughes and other crypto industry executives.
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The window to pass the bill is closing due to midterms
The window to pass crypto market legislation is “unforgiving” due to the upcoming US midterm elections in November and the midterm campaign season preceding the elections, Hughes said.
“The Senate has only weeks to move the bill before the August recess, after which the midterm election calendar takes over,” he said.
If no progress is made on the bill, the next opportunity to pass a comprehensive crypto market regulatory framework may not occur until 2030, he warned.
The Senate Banking Committee has scheduled a markup for the bill on Thursday of the week following this publication.
Speaking at the Consensus 2026 crypto industry conference in Miami, Florida, Brad Garlinghouse, the CEO of crypto software company Ripple Labs, warned that despite recent progress on the bill, its passage into law still isn’t guaranteed.
A HarrisX poll found that a majority of those surveyed supported the CLARITY Act. Source: HarrisX
A poll published by HarrisX in May found that 52% of the 2,028 registered US voters surveyed supported passing the CLARITY Act.
“Support for the CLARITY Act crosses party lines,” according to HarrisX, which found that the bill had strong support in both the Democratic and Republican political parties.
