CLARITY Act Could Return Offshore Crypto Trading to the US: Consensys
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CLARITY Act could repatriate crypto trading to the US by creating clear regulation and a predictable framework for exchanges and digital asset firms, improving US competitiveness against offshore CEXs and jurisdictions. - Market context: between July 2024–June 2025 global crypto trading exceeded $2.4T but most activity occurred offshore; CoinGecko shows only Coinbase (6.1% market share) ranked in the top 10 while Binance controlled >38% of CEX volume in Dec 2025, highlighting offshore liquidity and network effects. - Political and adoption signals: a May HarrisX poll found 52% of 2,028 voters support the bill (bipartisan); observers say clearer rules could boost adoption, funding and access, but rebalancing liquidity and market share will take time despite potential benefits for crypto, DeFi, DEX/CEX growth, token launches and security compliance.
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The Digital Assets CLARITY Act could bring cryptocurrency trading activity back to the United States after years of migration to offshore exchanges.
Bill Hughes, Chief Regulatory Officer at Consensys, said the US dollar remains the world’s largest fiat gateway into crypto markets. Between July 2024 and June 2025, crypto trading volume surpassed $2.4 trillion, yet most of that activity took place outside American exchanges.
The shift has become increasingly visible in centralized exchange rankings. According to CoinGecko, only one US-based exchange: Coinbase ranked among the world’s ten largest crypto trading platforms in 2025. Coinbase held just 6.1% market share, while Binance alone controlled more than 38% of centralized exchange trading volume in December 2025.
The imbalance highlights a growing contradiction: much of the infrastructure powering crypto markets was created in the United States, but the majority of trading activity now happens abroad.
Why The CLARITY Act Matters
Supporters of the CLARITY Act believe the legislation could reverse that trend by establishing clearer rules for digital assets and ending years of regulatory uncertainty.
The proposal would create a more predictable framework for crypto companies operating in the United States, potentially making the country more competitive against offshore jurisdictions that have attracted exchanges over the past several years.
Public Support for Crypto Regulation Is Growing
A HarrisX poll published in May found that 52% of 2,028 registered voters supported the CLARITY Act. Support came from both Democratic and Republican voters, showing growing bipartisan interest in formal crypto regulation.
Mike Novogratz said the legislation could open broader access to the US economy for billions of people worldwide through regulated digital asset markets.
Some analysts compare the current moment to the aftermath of the Sarbanes-Oxley Act, when companies moved business activity outside the United States to avoid strict compliance requirements.
This time, however, the effect could move in the opposite direction. Clearer crypto regulation may encourage firms and capital to return to the US market instead of avoiding it.
Still, regulation alone may not immediately change market dynamics. Binance and other offshore exchanges spent years building global liquidity, user bases, and network effects while operating in regulatory gray zones. Even with clearer rules, the United States may need time to rebuild its position in global crypto trading.
