Grayscale Research said U.S. crypto regulation can advance regardless of whether the CLARITY Act passes, as senators prepare for a September 15 procedural vote to determine if the bill can proceed to formal debate.
The firm pointed to regulatory work already underway in stablecoins, token issuance, tokenized securities, and crypto derivatives. Passage of the CLARITY Act, Grayscale said, is "not determinative" of further progress in these areas.
Existing Regulatory Developments
Federal stablecoin regulation has already moved forward independently. The GENIUS Act established a federal regulatory system for payment stablecoins and issuer rules.
Regulators are pursuing additional measures. The SEC has proposed rules for token sales and securities activities on blockchains, while the CFTC has expanded access to regulated crypto derivatives. Platforms including Kalshi and Coinbase have also seen regulatory developments.
Senate Vote Timeline
The Senate's September 15 cloture vote will determine whether formal debate on the CLARITY Act can proceed. The motion requires 60 votes to advance.
Republicans hold 53 Senate seats, meaning support from at least seven Democrats would be needed for passage, or unanimous Republican support. A successful cloture vote would only allow consideration of the bill; it would not constitute a final passage vote.
Broader Regulatory Framework
The CLARITY Act aims to establish a comprehensive federal digital assets framework and would divide regulatory authority between the SEC and the CFTC. Grayscale said the bill would offer the most complete federal structure, but expects regulatory progress to continue through legislation, agency rules, and market products regardless of its outcome.
Discussions among senators continue on ethics rules and conflicts of interest related to crypto regulation.
