Attorney: CLARITY Act Could Bring Crypto Firms Back to the U.S.

A regulatory breakthrough for the U.S. crypto industry could be on the horizon if the CLARITY Act of 2025 clears Congress. Advocates say the bill would formalize rules and end years of regulatory uncertainty, potentially spurring onshore development and investment in the American market.

Bill Hughes, senior counsel and director of global regulatory matters at Consensys, argues that passing CLARITY would signal a clear, workable framework for crypto projects and markets operating in the United States. “The U.S. 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 noted. Yet a vast portion of crypto trading remains anchored outside the United States, underscoring the industry’s opportunity for onshore growth if regulatory clarity arrives.

Recent data illustrate the global landscape: Binance alone accounted for more than 38% of centralized exchange trading volume in December 2025, highlighting how much activity still flows through non-U.S. venues. In contrast, CoinGecko’s 2025 market-share study shows Coinbase as the sole U.S.-based exchange among the top 10 centralized platforms, with a 6.1% slice of total volume.

Advocates say CLARITY would codify clear rules for the crypto industry in the United States, ending years of regulatory ambiguity and potentially drawing more projects to build domestically. Yet industry executives warn that timing is tight, and momentum could stall as the midterm election cycle intensifies.

The legislative clock is a key factor. The Senate Banking Committee has scheduled a markup for the bill in the week after this article’s publication, while the August recess looms and lawmakers pivot toward campaigning. If the current window closes without a vote, the likelihood of achieving a comprehensive U.S. crypto framework before 2030 could diminish, according to participants familiar with the process.

At Consensus 2026 in Miami, Ripple CEO Brad Garlinghouse cautioned that passage into law is far from guaranteed, even as support for streamlining crypto regulation grows among policymakers and industry players.

A public pulse check on CLARITY’s prospects comes from HarrisX. A May poll found that 52% of the 2,028 registered U.S. voters surveyed supported passing the CLARITY Act, with broad bipartisan resonance reported in the data. This sentiment suggests a level of public backing that could influence congressional attention, even as midterm dynamics complicate the legislative timetable.

Looking ahead, the practical implications of CLARITY extend beyond mere headlines. If a clear, workable framework emerges, startups and established exchanges could reassess where they locate teams, liquidity, and strategic operations—potentially shifting the balance of crypto development back toward the United States. For investors and builders alike, the key questions revolve around what specific rules would govern registration, product design, and market surveillance, and how these rules would interact with DeFi, custodial arrangements, and cross-border activity.

Key takeaways

• Regulatory clarity on the horizon. Support for CLARITY centers on establishing formal rules and reducing regulatory guesswork, which could incentivize U.S.-based construction and funding for crypto projects.
• U.S. trading share remains modest versus global platforms. Binance reportedly captured over 38% of centralized exchange trading volume in December 2025, while Coinbase held 6.1% as the lone U.S.-based top-10 exchange.
• Time is tightening ahead of midterms. Legislative momentum hinges on a favorable calendar, with a Senate markup planned soon and the August recess approaching; a stalled effort could push meaningful regulation past the current cycle.
• Public support appears measurable but divided by timing. A HarrisX poll indicated majority interest in passing CLARITY, though electoral dynamics complicate near-term passage.
• Industry voices urge urgency while weighing reality. While progress is noted, leaders in the sector caution that securing a binding law remains uncertain in the current political climate.

The regulatory push and market contours

The CLARITY Act represents a concerted effort to codify the status of several crypto activities in the United States, from token classifications and registration to market structure oversight. Proponents say a formal framework would reduce ambiguity for developers, exchanges, and custodians, potentially making the U.S. a more attractive ground for innovation. Critics, however, warn that any legislation must strike a balance between investor protection and innovation, a challenge that has long characterized U.S. crypto policy debates.

Beyond the policy debate, the market structure data underscore a broader trend: the U.S. share of global on-chain and centralized exchange activity remains a fraction of the global liquidity pool. This has led some industry participants to view regulatory clarity as a possible magnet for capital, talent, and projects that have historically relocated to friendlier jurisdictions. The question is whether CLARITY would deliver the predictability needed to reverse that trend or whether other factors—such as tax treatment, banking access, and cross-border compliance—will continue to shape where business moves occur.

Industry executives also watch for how the law would interface with DeFi and non-custodial protocols. Opinions vary on whether a broad regulatory regime would stifle innovation or unlock it by providing legitimate pathways for growth and investor protection. The consensus among many observers is that a well-defined framework could reduce the friction of operating in an uncertain environment, but any surprises in the bill’s drafting could shift incentives quickly.

What to watch next

The immediate focal point remains the Senate markup and the broader political calendar. With midterm campaigns intensifying, lawmakers face pressure to advance or derail the bill before the calendar turns. The ripple effects—ranging from onshoring incentives for startups to leverage for U.S.-based exchanges seeking to compete with global platforms—will unfold as policy details crystallize.

For investors and builders, the coming weeks will reveal how much regulatory clarity translates into practical decision-making. The question remains whether the current framework can be enacted swiftly enough to alter the geographic and strategic calculus of crypto development in the United States.

Readers should watch the legislative trajectory of CLARITY, any revisions to the text, and the timing of pivotal votes in Congress, as lawmakers assess how best to align innovation with safeguards in the rapidly evolving crypto landscape.

For further context and the bill text, see CLARITY Act resources and related market analyses linked to this coverage.