Grayscale backs US crypto progress beyond CLARITY

TLDR

Grayscale says United States crypto regulation is already moving forward on several fronts, even if the CLARITY Act fails to become law in 2026.

1. Grayscale argues that CLARITY is helpful but not essential, because multiple agencies and new laws are already shaping US crypto rules.
2. Key advances include the GENIUS Act for stablecoins, SEC token fundraising proposals, and CFTC pathways for regulated perpetual futures.
3. The Senate CLARITY vote still matters for long term market structure, so crypto users should watch both that process and ongoing agency rulemaking.

Deep Dive

1. Grayscales Core Message

Grayscale Head of Research Zach Pandl writes that US crypto policy is gaining regulatory direction even if the Digital Asset Market Clarity Act (CLARITY) stalls in the Senate, pointing to concrete changes already in place or proposed in law and agency rules. In his view, CLARITY remains important for establishing a durable split of authority between the SEC and CFTC, but it is no longer the only source of progress for US crypto markets, as highlighted in a recent Grayscale analysis.

Pandl notes that prediction markets assign relatively low odds to CLARITY becoming law by the end of 2026, yet he expects continued evolution of crypto rules through other channels, including future congressional sessions if the current effort fails.

2. Regulatory Progress Beyond CLARITY

Grayscale highlights several concrete steps that already shape US crypto:

1. The GENIUS Act, signed by President Trump on 18 July 2025, creates a federal framework for payment stablecoins, requiring full reserve backing, monthly public reserve disclosures, and banning misleading claims about federal insurance or legal tender status, as described in the GENIUS Act coverage.
2. The SECs proposed Regulation Crypto Assets would give qualifying projects new fundraising exemptions, enabling up to 5 million dollars over four years or 75 million dollars per 12 months with disclosure requirements and antifraud protections.
3. Additional SEC initiatives include proposed transfer agent rules that allow blockchain based ownership records and a possible innovation exemption for certain onchain securities activity, while the CFTC has opened regulated US pathways for perpetual futures via venues such as Kalshi and Coinbase.

Together, these moves start to answer practical questions for issuers and venues: how to launch compliant stablecoins, raise capital with tokens, record ownership on chain, and list crypto linked derivatives in regulated markets.

3. CLARITY Act Trajectory And Why It Still Matters

The CLARITY Act itself aims to split digital asset oversight between the SEC and CFTC, set registration and disclosure rules for intermediaries, and clarify when decentralized protocols fall under federal compliance, according to a detailed community summary. It faces a Senate cloture vote that requires 60 votes to advance, with Republicans holding 53 seats and key Democrats still undecided.

Grayscale stresses that CLARITY would provide the most comprehensive market structure framework, particularly around the SEC versus CFTC divide, customer protections, and DeFi protocol treatment. Failure this year would likely delay a full statutory framework until at least a future Congress, but agency rules and narrower laws would continue to fill in parts of the puzzle in the meantime.

Conclusion

Grayscales view is that US crypto markets are not frozen while Congress debates CLARITY. Instead, stablecoin law, SEC token rules, and CFTC derivatives pathways are already reshaping the environment. CLARITY still matters for long term market structure, but the practical landscape for stablecoins, token fundraising, and regulated futures is evolving regardless, so informed crypto users should watch both the headline bill and the quieter rulemaking that will define how they can issue, trade, and hold digital assets in the US.