Consensys attorney Bill Hughes said the CLARITY Act could help bring more crypto activity back to the United States by giving companies clearer rules.
Summary
- Bill Hughes says clear crypto rules could shift trading activity back to US-based platforms.
- Banks are pushing back over stablecoin yield language in the bill.
- HarrisX found 52% voter support as Senate lawmakers prepare for a key markup vote.
Hughes said the U.S. dollar remains the world’s largest fiat on-ramp for crypto, with more than $2.4 trillion in volume between July 2024 and June 2025. Still, he said much of the trading tied to that demand happens outside U.S.-based exchanges.
Hughes pointed to exchange market share data to show how far crypto trading has moved offshore. He said Binance handled more than 38% of centralized exchange trading volume in December 2025, while Coinbase was the only U.S.-based platform in CoinGecko’s top 10 exchange list.
That gap has become a key argument for supporters of the CLARITY Act. They say clear rules could make it easier for firms to build, list assets, and serve users inside the United States.
Senate faces tight timeline
The Senate Banking Committee is expected to review the bill on May 14, according to Reuters. The measure aims to define when digital assets fall under securities or commodities rules.
Hughes warned that lawmakers have only a narrow window before the August recess and the 2026 midterm campaign season. He said the next broad chance for market structure legislation may not come until 2030 if Congress misses this window.
Banking pushback
Crypto.news reported that banking groups are trying to slow the bill over Section 404, which deals with rewards tied to stablecoin holdings. The groups argue that 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 of the bill.
Hughes said the CLARITY Act would help “reshore” the crypto industry. That claim depends on whether the final bill passes, how regulators apply it, and whether major firms choose to move more activity back to the U.S.
A HarrisX poll found that 52% of registered U.S. voters support the bill, while 11% oppose it. Crypto.news also reported that prediction markets place passage odds above 60%, while Galaxy’s Alex Thorn estimated the odds near 50-50.
