- Grayscale Research identified Ethereum, Solana, BNB Chain, and Canton Network as potential winners from upcoming U.S. crypto legislation.
- The firm said these networks already dominate stablecoins, tokenized assets, and decentralized finance activity.
- Analysts expect the CLARITY Act to advance this year despite remaining Senate hurdles.
Grayscale Research identified Ethereum, Solana, BNB Chain, and Canton Network as blockchain ecosystems positioned to benefit most from upcoming U.S. crypto legislation.
The firm’s head of research, Zach Pandl, said institutional investors will likely prioritize networks already leading stablecoin, tokenized asset, and decentralized finance activity once clearer rules arrive.
Onchain Activity Will Determine Institutional Capital Flows
Grayscale believes that regulatory clarity, expected from the passage of the CLARITY Act and further regulatory guidance, will finally unlock onchain finance and drive institutional capital onchain.
It noted that networks where stablecoins, tokenized assets, and DeFi activity are concentrated will benefit first. Ethereum leads in real-world assets (rwa) activity with BNB Chain and Solana also in the running, while Canton represents an alternative.
Interestingly, Ethereum, Solana, and BNB Chain also dominate stablecoins flows in terms of supply and trading volume. When it comes to DeFi activity, these networks’ total value locked (TVL) is among the highest.
Pandi believes this concentration will greatly influence where institutions commit resources once regulatory clarity arrives. This is already happening with BlackRock first launching its BUIDL tokenized fund on Ethereum before expanding to BNB, Solana, Aptos, and Layer 2 networks.
However, the report added that other chains with DeFi, stablecoin, or tokenized activities will also attract interest. It highlighted Avalanche, Ethereum L2 networks such as Arbitrum and Base, stablecoin-focused Tron, and the decentralized perps blockchain Hyperliquid as falling into this category.
Interestingly, tokens of the major networks in the spotlight have been struggling in recent months. ETH is down over 30% this year and currently trades around $2,100, and could slip below $2,000 if its current downtrend continues.
SOL is also down 33% this year and trades at $84. The token has been below $100 since February 2026 and shows no signs of recovery amidst the current market conditions. BNB has also lost 25% of its value this year.
CLARITY Act Expected to Pass in 2026
Market attention now remains focused on the proposed CLARITY Act. The legislation recently advanced through the Senate Banking Committee with support from both Republican and Democratic lawmakers.
The next stage requires a Senate floor vote, where at least 60 votes are needed for passage. Republicans currently hold 53 Senate seats, meaning several Democrats would still need to support the bill.
Analysts continue comparing the legislation to the GENIUS Act stablecoin bill, which passed the Senate earlier with support from 18 Democrats.
Prediction market platform Polymarket currently places the probability of the CLARITY Act passing this year at 64%. The Senate floor vote is expected sometime in June.
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