88% of Market Share Has Shifted Outside the US: Crypto’s Fate Awaits White House Approval
As the U.S. Senate prepares for its summer recess, a critical ethics proposal for the Clarity Act, which would regulate the cryptocurrency market, is awaiting White House approval.
With only one week left before the United States Senate begins its summer recess, the time pressure on the Clarity Act, which will determine the future of crypto assets, is intensifying. While the procedural vote to initiate the legislative process has not yet been held, negotiations between industry representatives and politicians have gained momentum.
Senators Ruben Gallego and Thom Tillis have prepared and submitted a compromise proposal to the White House regarding the ethics provisions, which are seen as the biggest hurdle facing the legislation. Although there has been no official response to this revised proposal submitted on Thursday, there is a possibility that a procedural vote could be held this week if the White House gives the green light. Other issues, such as stablecoin reserves and law enforcement powers, are expected to be resolved more easily compared to the ethics matter.
The US is Losing Its Dominance in the Crypto Market
Concerns that the US will fall behind in global competition if the law is not passed are supported by data published by the Crypto Council for Innovation (CCI). According to the report, 80% of crypto developers and 88% of the market share are already operating in regions outside the US. Renée Barton, CCI Director of Policy Research, underscores the urgency of the situation, noting that the US is the only major market without a regulatory framework.
A potential procedural vote in the Senate is not just a legal step, but also a political test ahead of the 2026 midterm elections. This vote will clarify senators’ stances on crypto and play a decisive role in which candidates crypto-focused political action committees will direct their funds to. White House approval of the proposal could significantly accelerate the passage of the law upon the return in September.