Grayscale Says Crypto Can Move Forward Without the CLARITY Act

Highlights:

• Grayscale says crypto can keep growing even if Congress fails to pass the CLARITY Act this year.
• The firm expects SEC guidance and existing regulations to support stablecoins, tokenized assets, and broader crypto development.
• Grayscale still sees comprehensive legislation as valuable because it could provide stronger long-term regulatory certainty for companies.

The cryptocurrency industry can continue moving forward even if the U.S. Congress does not pass the CLARITY Act, according to Grayscale. In an August 8 analysis, Grayscale Head of Research Zach Pandl said regulatory action from the Securities and Exchange Commission (SEC) and other agencies could continue supporting the digital asset industry without comprehensive market structure legislation.

Grayscale said an agreement on the bipartisan CLARITY Act is still technically possible. However, the available time for Congress to complete the legislation has become more limited. The bill is designed to establish clearer federal rules for digital assets and provide a broader regulatory framework for the U.S. crypto market.

Grayscale explained that the lack of a new law would not stop the crypto industry from operating. The firm wrote, “The legislation would have provided a more comprehensive rulebook for digital assets in the US, but the industry has moved forward for almost 17 years without it.”

🚨GRAYSCALE: CRYPTO KEEPS MOVING WITHOUT CLARITY ACT!

Odds of the market structure bill passing this year now look low, per @Grayscale Head of Research @LowBeta.

But no CLARITY won’t stop major blockchains, Bitcoin demand, or stablecoin growth, the industry has advanced nearly… pic.twitter.com/oFvBkeSpY5

— Crypto Banter (@crypto_banter) August 9, 2026

Grayscale Expects Regulators to Keep Crypto Moving

According to Grayscale, crypto development does not depend entirely on Congress passing the CLARITY Act. Instead, existing regulators can continue providing guidance and creating rules for different parts of the digital asset market.

In particular, Grayscale expects further SEC rulemaking to support the industry. The regulator has already been working on areas related to digital assets, while additional guidance could provide companies with clearer ways to operate in the United States.

Meanwhile, stablecoin payments and other blockchain-based financial services can continue developing under existing regulations. Grayscale’s main argument is that comprehensive legislation would improve regulatory certainty, but the absence of the CLARITY Act would not bring crypto development to a halt.

In addition, the company pointed to tokenized securities as an area where regulatory guidance could continue making progress. Tokenization allows traditional financial assets, such as securities, to be represented and transferred through blockchain technology. Grayscale specifically noted SEC interpretive guidance related to tokenized securities as part of the regulatory path available without new legislation.

Lack of CLARITY Could Still Carry Long-Term Risks

Although Grayscale expects crypto to continue growing, the firm still sees comprehensive market structure legislation as valuable. A federal law could provide a more durable framework than rules created by individual government agencies. Without such legislation, regulatory policies may depend more heavily on decisions made by the SEC and other regulators. Therefore, companies may have less long-term certainty when making investment decisions or developing new digital asset products.

At the same time, the CLARITY Act remains alive in the Senate. Senate Majority Leader John Thune filed cloture on August 8 on the motion to proceed to H.R. 3633, creating a possible route toward an initial Senate vote when lawmakers return in September. The measure needs 60 votes to advance through that procedural stage.

Grayscale’s view also aligns with SEC Chair Paul Atkins, who previously said the agency is prepared to introduce crypto rules if Congress does not pass the CLARITY Act. However, Atkins stressed that legislation would provide stronger and longer-lasting certainty than SEC rules alone. Therefore, regulatory action could keep the U.S. crypto framework moving while Congress continues working toward broader market structure legislation.

I am committed to supporting Congress in advancing the CLARITY Act, including providing technical assistance.

American leadership in the digital finance revolution means matching the energy of American innovators with a regulatory framework worthy of them. pic.twitter.com/7JiHDUbLqS

— Paul Atkins (@SECPaulSAtkins) July 28, 2026