Grayscale: US crypto regulation can advance without CLARITY Act

Grayscale research head Zach Pandl stated that US crypto regulation can continue to progress in areas such as stablecoins, token issuance, tokenized securities, and perpetual futures even if the CLARITY Act is not passed. The report notes that the GENIUS Act, signed by President Donald Trump on July 18, 2025, already established a framework for payment stablecoins. Additionally, the SEC has proposed the Regulation Crypto Assets framework, which includes potential funding exemptions and safe harbors for investment contracts, with a public comment deadline of October 20. While the CLARITY Act could help clarify the jurisdictional division between the SEC and the CFTC, Grayscale emphasizes that its failure to pass would not halt ongoing regulatory efforts.