Senate Inaction Sparks Crypto Exodus from US

The US Senate's failure to pass the CLARITY Act has led to a significant shift in crypto activity, with many Americans turning to offshore exchanges due to lack of regulation.

Binance, which operates under an Abu Dhabi license, now handles nearly 40% of global spot crypto volume, while Coinbase, the largest US-based exchange, accounts for only 6%. This disparity highlights the regulatory vacuum that has emerged in the US.

Experts warn that without domestic rules, American capital continues to flow through foreign platforms, rather than being invested in the US economy. The CLARITY Act aims to provide a clear framework for crypto regulation and could help extend American financial products to billions of people globally who lack access to US brokerage accounts.