Crypto Markets Advance Without CLARITY Act, Grayscale Says
Grayscale believes that regulatory progress for cryptocurrencies can be made even if Congress fails to pass the CLARITY Act. According to Zach Pandl, Grayscale's Head of Research, 'CLARITY is no longer the only source of regulatory direction.' The US framework is becoming clearer across stablecoins, token issuance, tokenized securities, and perpetual futures without the CLARITY Act.
The GENIUS Act, signed into law by President Donald Trump on July 18, 2025, established a separate framework for payment stablecoins. This legislative achievement addresses consumer protections for these tokens, requiring issuers to hold full reserve backing and disclose monthly public information about reserve composition.
Grayscale highlights other initiatives that could lead to clearer fundraising and trading rules, including the SEC's proposed Regulation Crypto Assets. This proposal would permit qualifying offerings of up to $5 million over four years or $75 million per 12-month period, with issuers providing disclosures and remaining subject to antifraud and antimanipulation provisions.
Pandl emphasizes that CLARITY remains important because only Congress can establish a comprehensive and durable division of SEC and CFTC authority. However, the failure to pass the bill in 2026 would not stop regulatory progress already underway.