Can Crypto Advance Without the CLARITY Act? Grayscale Says Yes

Grayscale Head of Research says the crypto industry can keep moving forward even if the CLARITY Act, the bill that would set US rules for digital asset markets, fails to pass this year.

Zach Pandl said full passage looks unlikely in 2026, given the crowded Senate calendar and election-year politics.

Crypto Ran 17 Years Before the CLARITY Act

Pandl noted that digital assets operated for roughly 17 years without comprehensive US market structure rules. Progress, he said, can continue through regulators rather than Congress.

"CLARITY not passing won't have an immediate impact on the functioning of major blockchains, the demand for Bitcoin as a store of value, or on the growth of stablecoin payments," he said.

He expects the Securities and Exchange Commission (SEC) and other regulators to fill gaps through rulemaking, particularly around tokenized securities. He pointed to the regulators interpretative guidance on the application of Federal securities laws to crypto assets, calling it a "big step forward for the industry."

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