Bill Hughes, Senior Advisor and Director of Global Regulatory Affairs at Consensys (a crypto infrastructure company), said that the Digital Asset Market Clarity Act of 2025 (CLARITY) will help bring the crypto industry back to the United States.
Hughes stated, "The US dollar is the world's largest fiat gateway for cryptocurrencies, accounting for over $2.4 trillion in transactions between July 2024 and June 2025 alone."
However, Hughes points out that the vast majority of cryptocurrency trading volume occurs on exchanges outside the United States, with Binance alone accounting for more than 38% of the trading volume of all centralized exchanges in December 2025.
According to Coingecko's 2025 list of the top ten centralized exchanges by trading volume, only Coinbase from the United States made the list, with a market share of only 6.1%.
Top 10 centralized crypto exchanges by trading volume in 2025. Source: Coingecko
The passage of the CLARITY Act will establish clear rules for the U.S. crypto industry, officially ending years of regulatory uncertainty in the field and encouraging projects to be established in the United States; however, Hughes and other crypto executives say that the passage of the bill is imminent.
Due to the midterm elections, the window for the bill's passage is narrowing.
Hughes stated that the window for pushing for crypto market legislation is "quite tight" due to the upcoming US midterm elections in November and previous election seasons.
He pointed out: "The Senate has only a few weeks to push forward the bill before the August recess, and the midterm election timetable will take precedence after the recess."
He warned that if the bill fails to make progress, the next opportunity to pass a comprehensive regulatory framework for the crypto market may not come until 2030.
The Senate Banking Committee has scheduled the bill's marking process for a Thursday a week after this report is published.
At the Consensus crypto industry conference in Miami in 2026, Brad Garlinghouse, CEO of crypto software company Ripple Labs, said that despite recent progress on the bill, there is still no guarantee that it will actually become law.
A HarrisX poll found that a majority of respondents support the CLARITY bill. Source: HarrisX
A HarrisX poll released in May showed that 52% of the 2,028 registered voters surveyed supported passing the CLARITY Act.
“Support for the CLARITY Act transcends party lines,” HarrisX said, noting that the bill has received strong support within both the Democratic and Republican parties.
