Grayscale Says U.S. Crypto Regulation Can Advance Without CLARITY Act

Odaily News: Zach Pandl, Head of Research at digital asset management firm Grayscale, said in an analysis on September 10 that even if Congress fails to pass the CLARITY Act this year, U.S. crypto regulation can still advance in areas such as stablecoins, token issuance, tokenized securities, and perpetual futures.

U.S. President Donald Trump signed the GENIUS Act on July 18, 2025, establishing a regulatory framework for the issuance of payment stablecoins. The law requires issuers to hold full reserves and publicly disclose the composition of reserves on a monthly basis, and prohibits misleading claims that tokens are federally insured, backed by the U.S. government, or legal tender.

The U.S. Securities and Exchange Commission (SEC) has proposed Regulation Crypto Assets, which would allow qualifying projects to raise no more than $5 million over four years, or no more than $75 million in any 12-month period. The related exemptions and investment contract safe harbor remain in the proposal stage, with the public comment period closing on October 20.

The near-term procedural milestone for the CLARITY Act is a cloture vote on the motion to proceed scheduled for September 15. This procedural vote requires 60 votes to pass and is not a final vote. Grayscale said the bill would still help clarify the division of regulatory authority between the SEC and the Commodity Futures Trading Commission (CFTC), but its failure to pass would not halt regulatory measures already underway. (Bitcoin.com News)