CLARITY Act Could Reshore Crypto Industry, Says Attorney

The Digital Asset Market Clarity Act of 2025 (CLARITY) could be the key to bringing cryptocurrency companies back to the United States, according to Bill Hughes, senior counsel at ConsenSys. Hughes argued that clear regulatory guidelines would end years of uncertainty, making the U.S. a more attractive environment for crypto innovation.

Currently, the U.S. is losing ground in the crypto space. While the U.S. dollar remains the largest fiat on-ramp for cryptocurrency, facilitating $2.4 trillion in transactions between July 2024 and June 2025, the majority of trading occurs on offshore exchanges. Binance alone accounted for 38% of global centralized exchange volume in December 2025, compared to just 6.1% for Coinbase, the only U.S.-based exchange in Coingecko’s top 10 rankings for 2025.

The CLARITY Act aims to establish a comprehensive regulatory framework, addressing long-standing concerns that have driven projects overseas. However, the legislative window is closing fast. Hughes noted that the Senate has only weeks to act before its August recess, after which the midterm election cycle will dominate the agenda. If the bill isn’t passed soon, the next opportunity for legislative action may not come until 2030.

Brad Garlinghouse, CEO of Ripple Labs, echoed these concerns at the Consensus 2026 conference. Despite bipartisan support for the bill, Garlinghouse warned that its passage into law is far from guaranteed.

A HarrisX poll conducted in May 2026 found that 52% of surveyed U.S. voters support the CLARITY Act, with backing from both Democratic and Republican voters. This cross-party appeal could be a critical factor in pushing the legislation forward.

The Senate Banking Committee is set to mark up the bill next week, a pivotal step in the legislative process. If successful, the CLARITY Act could reshape the regulatory landscape and help the U.S. reclaim its position as a hub for crypto innovation. For now, though, the clock is ticking.