KEY INSIGHT
- The proposed Digital Assets CLARITY Act aims to create clearer crypto regulations and attract trading activity back to the U.S.
- Binance dominates global exchange volume, while Coinbase remains the only major U.S.-based exchange in the global top 10
- Industry leaders believe regulatory clarity could help rebuild U.S. competitiveness in digital assets, though offshore exchanges still hold strong liquidity and market share
The proposed Digital Assets CLARITY Act is gaining attention as lawmakers and industry leaders argue it could help restore the United States’ role in global crypto trading after years of activity shifting offshore.
According to Consensys Chief Regulatory Officer Bill Hughes, the U.S. dollar remains the dominant gateway into crypto markets, yet most trading now happens outside the country. Between mid-2024 and mid-2025, crypto trading volume exceeded $2.4 trillion, with offshore exchanges capturing the majority of that activity.
🚨America Is Handing the Crypto Market to Foreign Competitors. The CLARITY Act Would Change That.🚨
— Bill Hughes 🦊 (@BillHughesDC) May 8, 2026
The United States is the largest cryptocurrency market on the planet. American users moved over $1 trillion in crypto transactions in the first seven months of 2025 alone. And yet…
The trend is reflected in exchange rankings. Coinbase was the only U.S.-based platform among the world’s top ten exchanges in 2025, while Binance controlled more than 38% of centralized exchange volume.
Supporters of the CLARITY Act believe clearer regulations could reverse this migration by giving crypto firms more certainty around compliance and operations in the U.S. The legislation aims to establish a more defined framework for digital assets, potentially making the country more competitive against offshore jurisdictions.
Public support for crypto regulation also appears to be growing. A recent HarrisX poll found that more than half of surveyed voters backed the legislation, with support coming from both Republicans and Democrats.
Mike Novogratz said clearer rules could expand access to regulated digital asset markets and strengthen the U.S. financial system’s role in the crypto economy.
Still, analysts caution that regulation alone may not immediately shift market dominance. Offshore exchanges have spent years building deep liquidity, global user bases, and strong network effects while operating outside stricter U.S. oversight.
Even so, the CLARITY Act is increasingly being viewed as a potential turning point that could encourage crypto companies, capital, and trading activity to gradually return to American markets.
