Grayscale Says US Crypto Rules Can Advance Without CLARITY Act
Key TakeawaysGrayscale says crypto policy can advance without CLARITY becoming law.Stablecoin legislation has passed, while SEC fundraising rules remain proposed.Congress would provide a durable division of SEC and CFTC authority. Grayscale Sees Regulatory Progress Beyond CLARITY Crypto businesses could gain clearer fundraising and trading rules even if Congress fails to pass comprehensive market legislation this year. Grayscale Head of Research Zach Pandl outlined that assessment in a Sept. 10 analysis, pointing to developments affecting stablecoins, token issuance, tokenized securities, and perpetual futures. The crypto asset manager views those initiatives as progress independent of the CLARITY Acts fate. According to Grayscale: “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 even without the CLARITY Act.” The bills immediate hurdle is a Sept. 15 cloture vote on the motion to proceed, a procedural step requiring 60 votes rather than a decision on final passage. Grayscale argues that an unsuccessful vote would narrow the opportunity for enactment this year, while leaving lawmakers the option of revisiting the measure during the post-election session. “CLARITY remains important because only Congress can establish a comprehensive and durable division of SEC and CFTC authority. But failure in









