The CLARITY Act could shift a significant portion of crypto trading activity back to U.S.-based exchanges, Consensys attorney Bill Hughes said, as clear rules would lower barriers for firms. He noted the U.S. dollar remains the world's largest fiat on-ramp for crypto, with over $2.4 trillion in volume from July 2024 to June 2025 — yet much of that trading happens offshore.
Binance Dominates, Coinbase Only U.S. Player in Top 10
Hughes pointed to exchange market share data: Binance handled more than 38% of centralized exchange volume in December 2025, while Coinbase was the sole U.S.-based platform in CoinGecko's top 10. This gap has become a key argument for supporters, who say clear rules would make it easier for companies to build, list assets, and serve users inside the U.S.
Senate Banking Committee Markup Scheduled May 14
According to Reuters, the Senate Banking Committee will review the bill on May 14. The legislation aims to define when digital assets fall under securities or commodities rules. Hughes warned that lawmakers face a narrow window before the August recess and the 2026 midterm campaign season. If they miss it, the next broad chance for market structure legislation may not come until 2030.
Banking Groups Push Back Over Stablecoin Rewards
Banking groups are trying to slow the bill over Section 404, which addresses rewards tied to stablecoin holdings. They argue some rewards may look like deposit interest under another name. Senator Cynthia Lummis pushed back, saying the revised text reflects a compromise on yield. Senator Thom Tillis also warned that some traditional finance groups may oppose any version.
Hughes said the CLARITY Act would help “reshore” the crypto industry, but that depends on final passage, regulatory application, and whether major firms move activity back.
A HarrisX poll found 52% of registered U.S. voters support the bill, with only 11% opposed. Prediction markets place passage odds above 60%, while Galaxy's Alex Thorn estimated roughly 50-50.