The CLARITY Act, a U.S. bill currently stuck on the Senate calendar, has far-reaching implications beyond American shores. The bill's effects will be felt globally due to the size and influence of the American crypto market.
Market access is a key factor in this phenomenon. American exchanges, tokens, and issuers must comply with U.S. rules to reach their largest customer base, making it cheaper for them to meet these standards worldwide.
The dollar's widespread use as a stablecoin further expands the influence of U.S. regulations. The majority of the crypto economy is priced, settled, and stored in dollar stablecoins, meaning that any framework governing how those dollars move on-chain becomes a de facto global standard.