Grayscale says U.S. crypto rules are advancing even without CLARITY Act

Grayscale Head of Research Zach Pandl said U.S. cryptocurrency regulation is already taking clearer shape across key areas including stablecoins, token issuance, security tokens, and perpetual futures even if the CLARITY Act does not pass this year. Pandl said the CLARITY Act remains important for dividing authority between the SEC and CFTC, but regulatory progress does not depend on that bill alone. CoinNess has summarized the related regulatory developments as follows: - Stablecoins: A federal regulatory framework was established under the GENIUS Act, which took effect in July 2025 - Token issuance and securities regulation: The SEC is moving in stages this year to establish regulatory frameworks for issuance standards, conditions for exemption from securities rules, on-chain trading, and blockchain-based ownership records in August and September - Derivatives: The CFTC has expanded the scope of permitted trading in perpetual futures on regulated exchanges since May - Market structure: The CLARITY Act is being pursued as a broader framework to delineate oversight authority between the SEC and CFTC, with a Senate cloture vote scheduled for Sept. 15