- The CLARITY Act aims to bring crypto firms back to the U.S. by establishing clear market rules and ending regulatory uncertainty.
- U.S. exchanges lag significantly, with Coinbase holding just 6.1% market share in 2025 while foreign-based Binance commanded over 38%.
- The Senate has only weeks to pass the bill before the midterm election cycle, with the next major legislative opportunity potentially not until 2030.
- A majority of surveyed U.S. voters support the bill, with bipartisan backing from both Democratic and Republican parties.
A senior counsel at crypto infrastructure firm ConsenSys argued in May 2026 that passing the Digital Asset Market Clarity Act is crucial for reshoring the crypto industry to the United States. Bill Hughes, the firm’s director of global regulatory matters, made these urgent remarks as the Senate Banking Committee prepared for a pivotal markup.
The United States 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,” according to Hughes. However, he noted the vast majority of this trading volume occurs on exchanges based outside the country. Consequently, the lack of domestic market share is stark, as a Coingecko report for 2025 shows Binance alone accounted for over 38% of all centralized exchange volume.
Coinbase was the sole U.S.-based exchange among the top ten globally, securing only a 6.1% market share. Meanwhile, executives warn the legislative window is closing rapidly due to the unforgiving midterm election calendar. Hughes stated the Senate has only weeks to move the bill before the August recess takes over the schedule.
Brad Garlinghouse, CEO of Ripple Labs, warned at the Consensus 2026 conference that despite progress, the bill’s passage into law still isn’t guaranteed. If no progress is made, Hughes cautioned the next chance for a comprehensive framework may not come until 2030. Public sentiment appears favorable, as a HarrisX poll found 52% of surveyed registered voters supported the act.
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