The Digital Asset Market Clarity Act of 2025 (CLARITY) has emerged as a focal point in the United States’ ongoing effort to establish a formal, enforceable regulatory framework for digital assets. Proponents argue that a comprehensive, federally coordinated regime would end years of regulatory ambiguity, reduce compliance risk for firms, and spur domestic innovation. Bill Hughes, senior counsel and director of global regulatory matters at Consensys, frames CLARITY as a potential inflection point for the US crypto industry.

Hughes notes that the U.S. dollar remains the world’s largest fiat on-ramp for crypto, with on-ramp volume exceeding $2.4 trillion in the 12 months from July 2024 to June 2025. While off-ramp and trading activity…