Grayscale Says US Crypto Rules Can Advance Without CLARITY Act

Grayscale Sees Regulatory Progress Beyond CLARITY

Crypto businesses could summation clearer fundraising and trading rules adjacent if Congress fails to walk broad marketplace authorities this year. Grayscale Head of Research Zach Pandl outlined that assessment successful a Sept. 10 analysis, pointing to developments affecting stablecoins, token issuance, tokenized securities, and perpetual futures. The crypto plus manager views those initiatives arsenic advancement autarkic of the CLARITY Act’s fate.

According to Grayscale:

“CLARITY is nary longer the lone root of regulatory direction. The US model is becoming clearer crossed stablecoins, token issuance, tokenized securities, and perpetual futures adjacent without the CLARITY Act.”

The bill’s contiguous hurdle is simply a Sept. 15 cloture ballot connected the question to proceed, a procedural measurement requiring 60 votes alternatively than a determination connected last passage. Grayscale argues that an unsuccessful ballot would constrictive the accidental for enactment this year, portion leaving lawmakers the enactment of revisiting the measurement during the post-election session.

“CLARITY remains important due to the fact that lone Congress tin found a broad and durable part of SEC and CFTC authority. But nonaccomplishment successful 2026 would not halt regulatory advancement already underway,” the Grayscale caput of probe added.

Grayscale’s examination of enacted legislation, projected rules, and pending initiatives. Data arsenic of Sept. 8, 2026. Source: Grayscale Investments.

Stablecoin Law Establishes a Separate Framework

Federal authorities has already addressed outgo stablecoins, 1 conception of the crypto marketplace that Grayscale identifies arsenic progressively defined. President Donald Trump signed the GENIUS Act into law connected July 18, 2025, establishing a regulatory model for their issuance. That legislative accomplishment is abstracted from the wider marketplace operation questions Congress is considering done CLARITY.

Under the law, user protections for outgo stablecoins run done requirements governing the assets issuers clasp and disclose. Its provisions see full reserve backing and monthly nationalist disclosures astir reserve composition, according to the White House. It besides prohibits misleading claims that these tokens are federally insured, backed by the U.S. government, oregon ineligible tender.

Those safeguards interest a class of integer assets designed to support a notation worth for payments and transfers. Stablecoins commonly way currencies specified arsenic the dollar, though their structures and risks differ. Their regulatory model addresses issuance and backing, portion CLARITY seeks to resoluteness broader questions astir however crypto markets and intermediaries are supervised.

SEC Proposals Target Fundraising and Tokenization

Crypto projects seeking superior could person caller exemptions nether the Securities and Exchange Commission’s projected fundraising framework. Proposed Aug. 18, Regulation Crypto Assets would licence qualifying offerings of up to $5 cardinal implicit 4 years oregon $75 cardinal per 12-month period. Issuers would supply disclosures and stay taxable to antifraud and antimanipulation provisions.

That connection besides addresses erstwhile an concern declaration involving a crypto plus could cease to autumn wrong securities regulation. Its conditional harmless harbor centers connected an issuer completing oregon permanently ceasing the indispensable managerial efforts promised to purchasers. The fundraising exemptions and harmless harbor stay proposed, with nationalist comments owed Oct. 20.

Other initiatives successful Grayscale’s appraisal interest however securities ownership is recorded and wherever integer assets tin trade. Proposed transfer-agent rules would accommodate blockchain ownership records, portion an innovation exemption nether information could enactment definite onchain securities activities. Pandl besides identifies regulated perpetual futures pathways the CFTC has opened done Kalshi and Coinbase, describing imaginable products linked to platforms specified arsenic Hyperliquid arsenic a imaginable development.

The investigation emphasized:

“CLARITY would supply the astir broad model for US crypto markets, but its transition is not determinative—crypto argumentation is already advancing and providing amended clarity connected respective different fronts.”