CLARITY Act Hurdle Tests Crypto Regulation Progress

The CLARITY Act is facing a crucial test in the US Senate as it needs 60 votes to advance. Grayscale, an asset manager, says that even if the bill fails to clear this hurdle, federal digital-asset policy will continue to progress on multiple fronts.

According to Grayscale's research note, the development of stablecoins, token issuance, tokenized securities, and derivatives is ongoing despite the uncertainty surrounding CLARITY. The firm argues that these areas are already seeing regulatory advancements, such as the SEC's proposed rules for token sales and the CFTC's broadened access to regulated crypto derivatives.

Grayscale notes that while the CLARITY Act aims to establish a comprehensive federal framework for digital assets, its passage is not the only path forward. The bill would formally divide regulatory responsibilities between the SEC and CFTC, but alternative routes are already being explored through legislation, agency rules, and regulated market products.

Coindesk CEO Brian Armstrong has expressed early support for the bill, but other lawmakers have questioned whether it can reach the necessary 60 votes. The outcome of the September 15 cloture vote will be a crucial test for CLARITY's prospects, but Grayscale remains optimistic that regulatory progress will continue regardless.