Crypto Industry Awaits Clarity on Digital Asset Market Legislation

The crypto industry has been waiting with bated breath for regulatory clarity in the United States. The Digital Asset Market Clarity Act of 2025, also known as CLARITY, aims to provide just that. According to Bill Hughes, senior counsel and director of global regulatory matters at Consensys, a crypto infrastructure company, passing the bill would be a significant step towards reshoring the industry in the US.

The current state of affairs is that the majority of crypto trading volume takes place on exchanges based outside of the United States. For example, Binance alone accounted for over 38% of all centralized exchange trading volume in December 2025. The only US-based exchange among the top 10 listed on Coingecko's report was Coinbase, which had a mere 6.1% market share.

Passing the CLARITY Act would provide clear rules for the sector and end years of regulatory uncertainty. This would encourage projects to build in the US, rather than being forced to operate outside of the country due to unclear regulations. However, time is running out due to the upcoming midterm elections, which will dominate the legislative agenda from November onwards.

The Senate Banking Committee has scheduled a markup for the bill, but even if it passes, its fate remains uncertain. A HarrisX poll found that 52% of registered US voters surveyed supported passing the CLARITY Act, with strong support across both Democratic and Republican parties.