Grayscale Says Crypto Regulation Will Move Forward Despite CLARITY Act Vote

Grayscale Research believes that U.S. crypto regulation can continue moving forward regardless of the outcome of the CLARITY Act vote on September 15. The firm says that progression is no longer solely reliant on the bill's passage, as other regulatory options may evolve even if the Senate vote is rejected.

The company pointed to work covering stablecoins, token issuance, tokenized securities, and crypto derivatives. For example, federal stablecoin rules already provide one example of this broader shift, established by the GENIUS Act. This act created a federal regulatory system for payment stablecoins and rules for issuers.

Regulators are also working on other parts of the crypto market. The SEC has proposed rules for token sales and securities activities conducted in the blockchain, while the CFTC has broadened access to regulated crypto derivatives. Grayscale noted developments involving platforms such as Kalshi and Coinbase, saying these changes could even happen if Congress fails to finish the CLARITY Act this year.