The “biggest market” in crypto is conducting the vast majority of its trading volume outside of US-based exchanges, according to Attorney Bill Hughes.
Passing the Digital Asset Market Clarity Act of 2025, also known as CLARITY, will help to reshore the crypto industry in the United States, according to Bill Hughes, the senior counsel and director of global regulatory matters at Consensys, a crypto infrastructure company.
“The US dollar is the world’s largest fiat on-ramp for cryptocurrency, accounting for over $2.4 trillion in volume between July 2024 and June 2025,” Hughes said.
However, the vast majority of crypto trading volume takes place on exchanges based outside of the United States, Hughes said, adding that Binance alone accounted for over 38% of all centralized exchange trading volume in December 2025.
