Grayscale: US Crypto Regulation Can Advance Without CLARITY Act
Grayscale's head of research, Zach Pandl, recently highlighted that even if the CLARITY Act does not become law, regulatory progress is still being made in the US crypto market. This assessment comes as the bill faces an uncertain path through Congress, with a crucial cloture vote scheduled for September 15.
The GENIUS Act, signed into law by President Donald Trump on July 18, 2025, established a regulatory framework for payment stablecoins. However, Grayscale emphasizes that this legislation is separate from the broader market structure questions addressed in the CLARITY Act. The bill aims to provide a durable division of SEC and CFTC authority, which is essential for comprehensive regulation.
Grayscale identifies several initiatives that demonstrate regulatory progress beyond the CLARITY Act's fate. These include proposed SEC rules on fundraising and tokenization, as well as agency initiatives related to stablecoins, token issuance, and perpetual futures. The crypto asset manager views these developments as a clear sign that the US framework is becoming clearer.