Foreign media reported that Zach Pandl, Research Director at Grayscale Investments, said that if the U.S. CLARITY Act passes the Senate vote on September 15, it could serve as a positive catalyst for the crypto market. However, he believes that the initial benefits may not primarily accrue to Bitcoin; smart contract platforms and application-layer projects may receive more direct support.
The purpose of the bill is to provide regulatory clarity.
Pandl stated that the core purpose of this legislation is to bring the cryptocurrency industry closer to the regulatory treatment afforded to other established industries. He believes that crypto assets, blockchain, and stablecoins are now widely used globally and should be recognized as a legitimate industry with real-world value.
He also noted that if the bill gains stronger bipartisan support, market expectations for policy continuity could become more stable, further amplifying its positive impact.
The marginal benefit of Bitcoin may be small.
Pandl's main judgment is that Bitcoin itself already has a relatively clear regulatory status, so the marginal benefits from new legislation may be limited. In his view, Bitcoin is currently viewed more clearly as a digital commodity, which leaves it with relatively less upside potential following the reduction in regulatory uncertainty.
In contrast, smart contract platforms such as Ethereum, Solana, Avalanche, and Sui, as well as application-layer and infrastructure projects like Chainlink and Uniswap, are more likely to benefit from clearer regulatory frameworks. This is because the functions of these networks and protocols are more complex and have historically been more vulnerable to ambiguous regulatory classification.
The current market is being compared to the end of 2022.
Pandl also compared the current market environment to the period from late 2022 to early 2023. He noted that market attention once declined during that time, but the fundamental drivers of crypto assets did not undergo any fundamental change, and capital subsequently flowed back in following specific events.
He believes similar characteristics exist today: market sentiment is not extremely bullish, but the connection between traditional financial capital and digital assets continues to strengthen. Even if legislative progress is not entirely smooth, regulatory improvements may still advance through institutional rulemaking or other policy pathways.
- Key timeline: The Senate is scheduled to vote on September 15.
- Source of insight: Zach Pandl, Research Director at Grayscale
- Benefit direction: Smart contract platforms or those stronger than Bitcoin