Grayscale Says US Crypto Rules Can Advance Without CLARITY Act

Grayscale argues that U.S. crypto policy can move forward even if the CLARITY Act does not become law this year. The firm’s head of research, Zach Pandl, highlighted recent developments affecting stablecoins, token issuance, tokenized securities and perpetual futures.

Legislative backdrop

The CLARITY Act, which seeks to create a durable division of authority between the SEC and CFTC, faces a procedural cloture vote on September 15. A failure to secure the required 60 votes would limit the bill’s chances of passage in 2026, though Congress could revisit it later.

Stablecoin framework established

Separate from the CLARITY discussion, the GENIUS Act—signed into law on July 18, 2025—creates a specific regulatory regime for payment stablecoins. The law requires full‑reserve backing, monthly public disclosures of reserve composition, and bans claims that stablecoins are federally insured, government‑backed, or legal tender.

SEC fundraising proposals

The SEC’s proposed Regulation Crypto Assets, released August 18, would allow qualifying crypto offerings up to $5 million over four years or $75 million in a 12‑month period, subject to disclosure, antifraud and antimanipulation rules. The proposal also outlines a conditional safe harbor for issuers that complete or permanently cease promised managerial efforts. Public comments are due October 20.

Other regulatory initiatives

• Proposed transfer‑agent rules would permit blockchain‑based ownership records for securities.
• An innovation exemption is under consideration to support certain on‑chain securities activities.
• The CFTC has opened pathways for regulated perpetual futures, with platforms such as Kalshi, Coinbase and potentially Hyperliquid mentioned as examples.

Outlook

While Grayscale acknowledges that CLARITY would provide the most comprehensive framework, it stresses that regulatory progress is already occurring across multiple fronts, offering clearer guidance for crypto businesses regardless of the bill’s fate.