Grayscale Says U.S. Crypto Regulation Can Advance Without CLARITY Act Passage

Grayscale research head Zach Pandl said on September 10 that U.S. crypto regulation can still advance in areas including stablecoins, token issuance, tokenized securities, and perpetual futures even if Congress does not pass the CLARITY Act this year. According to Odaily, U.S. President Donald Trump signed the GENIUS Act on July 18, 2025, creating a regulatory framework for payment stablecoin issuers and requiring full reserves, monthly reserve disclosures, and bans on misleading claims that tokens are federally insured, backed by the U.S. government, or legal tender. The U.S. Securities and Exchange Commission has proposed Regulation Crypto Assets, which would allow qualifying projects to raise up to $5 million over four years or up to $75 million every 12 months. The related exemptions and investment contract safe harbor remain in the proposal stage, with public comments due by October 20. Grayscale said the CLARITY Act could still help define the division of regulatory authority between the SEC and the Commodity Futures Trading Commission, but failure to pass the bill would not stop measures already moving forward.