Grayscale Says Crypto Regulation Will Advance Regardless of CLARITY Act Vote

Grayscale says U.S. crypto regulation can continue moving forward regardless of the CLARITY Act’s outcome, as senators prepare for a Sept. 15 procedural vote to determine whether the bill can advance to formal debate.

Grayscale Sees Crypto Rules Moving Beyond CLARITY

Grayscale Research said the CLARITY Act continues to be significant in the expansion of the federal rules for digital assets. However, the firm says progression is no longer solely reliant on the bill’s passage.

The company pointed to work covering stablecoins, token issuance, tokenized securities and crypto derivatives. The passage of the bill “was not determinative” of further regulatory progress in those areas, Grayscale said.

Federal stablecoin rules already provide one example of that broader shift. The GENIUS Act established a federal regulatory system for payment stablecoins and rules for issuers.

Meanwhile, regulators are working on other parts of the crypto market. The SEC has proposed rules for token sales and securities activities conducted in the blockchain, while the CFTC has broadened access to regulated crypto derivatives.

Grayscale also noted developments involving platforms such as Kalshi and Coinbase. The firm said these changes could even happen if Congress fails to finish the CLARITY Act this year.

September 15 Senate Vote Puts CLARITY Act at a Critical Stage

The Senate will hold a cloture vote on the motion to proceed on September 15. The procedural vote will decide whether senators will be allowed to formally debate the legislation.

The motion needs 60 votes to advance. Republicans have 53 seats in the Senate, meaning a Democrat would need to secure their support, or everyone Republican would have to vote for it.

However, senators will not vote on final passage during this stage. A successful cloture vote would only allow the Senate to move forward with consideration of the bill.

The CLARITY Act aims to establish a wider federal framework of digital assets. It would also split up the regulatory burden between the SEC and the CFTC.

The disagreement is not settled in politics prior to the election. The senators are still holding discussions on ethics rules, conflicts of interest and other issues that impact crypto companies and government officials.

Crypto Regulation Continues Across Several Areas

Grayscale said other regulatory options may continue to evolve even if the Senate vote is rejected. Stablecoins, tokenization, and regulated derivatives are already enjoying separate laws and regulations.

The SEC has also been reviewing regulations that would support tokenized securities and blockchain-based ownership records. Meanwhile, the CFTC has allowed regulated pathways for certain crypto derivatives products.

Coinbase CEO Brian Armstrong stated that he believes the CLARITY Act has a “yes vote” in its early stages. Still, other lawmakers have expressed doubts about whether the bill can reach the required 60 votes.

Grayscale argues that CLARITY would offer the most comprehensive federal structure. However, the firm expects U.S. crypto policy to keep moving through legislation, agency rules and regulated market products.

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