CCI Report Warns U.S. Is Losing Digital Asset Market Share

The Crypto Council for Innovation ("CCI") warned that the center of gravity for the global digital asset industry has shifted offshore and urged Congress to pass comprehensive market structure legislation to reverse the trend.

In a new report, the CCI said that only 12 percent of the top 10 centralized exchanges are based in the U.S. and 80 percent of crypto developers now live outside the country. The report stated that the U.S. captured just 2 to 5 percent of centralized exchange volume growth from 2024 to 2025.

The CCI attributed the shift to foreign jurisdictions providing greater regulatory clarity. The report stated that the European Union's Markets in Crypto-Assets Regulation catalyzed roughly 180 exchange licenses and 40 stablecoin licenses since December 2024, while the United Arab Emirates, Singapore, and Hong Kong have also attracted industry growth through comprehensive frameworks.

The report warned that the offshoring of digital asset infrastructure threatens U.S. dollar dominance and national security. The CCI said the majority of global dollar-pegged trading volume flows through foreign-issued stablecoins, placing it outside U.S. supervisory oversight and sanctions enforcement.

While the CCI said recent legislative momentum, including the passage of the GENIUS Act and progress on the CLARITY Act, spurred some repatriation and investment, it cautioned that capital and talent are path-dependent. The report concluded that the longer comprehensive market structure legislation is delayed, the harder it becomes to bring firms, talent, and infrastructure back onshore.