U.S. crypto sector seeks regulatory clarity under CLARITY Act

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Crypto sector seeks clarity

Highlights

U.S. dollar enabled over $2.4 trillion in crypto volume from July 2024 to June 2025, but Binance handled 38% of centralized exchange transactions in December 2025.
Coinbase is the only U.S.-based platform among Coingecko’s top 10 centralized exchanges for 2025 with a 6.1% market share, highlighting regulatory challenges.
The Senate must act on the CLARITY Act before the August recess, or major crypto regulation may be delayed until at least 2030 despite 52% voter support.

Legislative timeline and market structure

As reported by Cointelegraph, Bill Hughes, senior counsel and director of global regulatory matters at Consensys, says the CLARITY Act would help reshore the crypto industry by setting clearer rules for digital asset markets in the U.S.

Hughes says the U.S. dollar remains the world's largest fiat on-ramp for cryptocurrency, accounting for more than $2.4 trillion in volume between July 2024 and June 2025. Even so, he says most crypto trading volume still takes place on exchanges based outside the United States, with Binance alone accounting for more than 38% of centralized exchange trading volume in December 2025.

He adds that Coinbase is the only U.S.-based platform listed among Coingecko's top 10 centralized exchanges for 2025, with a 6.1% market share. In his view, passage of the bill would encourage more projects to build in the U.S. by formally ending a long period of regulatory uncertainty.

Election calendar raises pressure

Hughes says the window for passing crypto market legislation is narrowing because the Senate has only weeks to advance the bill before the August recess, after which the midterm election calendar is expected to dominate. He warns that if the measure stalls, the next realistic chance for a comprehensive crypto market framework may not come until 2030.

The Senate Banking Committee has scheduled a markup for the bill on Thursday of the week following publication. Speaking at the Consensus 2026 conference in Miami, Ripple Labs CEO Brad Garlinghouse also says that recent momentum does not guarantee the bill becomes law.

A HarrisX poll published in May finds that 52% of 2,028 registered U.S. voters surveyed support the CLARITY Act. HarrisX says that support crosses party lines, with backing from both Democratic and Republican voters, suggesting the proposal has broader political appeal than many other crypto policy debates.

Our earlier analysis of Coinbase (COIN) reviewed the company’s Q1 2026 results, including a GAAP net loss and a sharp year-over-year revenue decline, and the management response via workforce cuts and AI-driven restructuring. We also noted Coinbase’s push into enterprise payments through partnerships integrating USDC flows, while technical signals suggested range-bound trading and underscored ongoing operational risks as the platform scales.

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