Grayscale: U.S. Crypto Regulation Can Move Forward Without the CLARITY Act

ChainCatcher report: Zach Pandl, Research Director at digital asset management firm Grayscale, stated in his analysis that even if Congress fails to pass the CLARITY Act this year, U.S. cryptocurrency regulation can still advance in areas such as stablecoins, token offerings, tokenized securities, and perpetual futures. On July 18, 2025, U.S. President Donald Trump signed the GENIUS Act, establishing a regulatory framework for payment stablecoin issuers. The act requires issuers to maintain full reserves and publicly disclose reserve composition on a monthly basis, while prohibiting 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 eligible projects to raise up to $5 million over four years, or up to $75 million every 12 months. Related exemptions and safe harbors for investment contracts remain in proposal stage, with a public comment deadline of October 20. The most recent procedural milestone for the CLARITY Act is a cloture vote on September 15 to end debate on the motion to proceed; this procedure requires 60 votes to pass and is not a final vote. Grayscale noted that the bill would still help clarify the regulatory jurisdictional boundaries between the SEC and the Commodity Futures Trading Commission (CFTC), but its failure to pass would not halt ongoing regulatory initiatives.