Grayscale: U.S. Crypto Regulation Can Advance Without CLARITY Bill

Digital asset management firm Grayscale's research director Zach Pandl stated that even if Congress fails to pass the CLARITY Act, U.S. crypto regulation can still progress 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, requiring issuers to provide sufficient reserves and disclose reserve composition monthly, while prohibiting misleading claims that tokens are federally insured or backed by the U.S. government. The U.S. Securities and Exchange Commission (SEC) proposed Regulation Crypto Assets, which aims to allow eligible projects to raise no more than $5 million over four years, or no more than $75 million every 12 months. Related exemptions and investment contract safe harbors are still in the proposal stage, with the public comment submission deadline set for October 20. The recent procedural milestone for the CLARITY Act was the termination debate vote on September 15, which requires 60 votes to pass and is not the final vote. Grayscale indicated that the bill would help clarify the regulatory jurisdiction between the SEC and the Commodity Futures Trading Commission (CFTC), but its failure to pass will not halt the regulatory measures already in progress.

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