Crypto Can Thrive Without US Market Rules, Grayscale Researcher Says

Grayscale's Head of Research Zach Pandl believes the crypto industry can advance even without the CLARITY Act, which would set US rules for digital asset markets. According to Pandl, the industry ran roughly 17 years without comprehensive US market structure legislation.

Pandl expects regulators like the Securities and Exchange Commission (SEC) to fill gaps through rulemaking, particularly around tokenized securities. He pointed to SEC interpretative guidance on the application of Federal securities laws to crypto assets as a 'big step forward for the industry.'

The CLARITY Act now looks unlikely to pass in 2026, with a Senate floor vote set after lawmakers return on September 15. Pandl warned that without clear rules at home, a growing share of new investment and developer activity could drift to overseas markets.