TLDR: CLARITY Act passage this year looks unlikely due to Senate calendar and election politics. Bitcoin’s store-of-value demand stays steady even without new market structure legislation. SE
Grayscale Head of Research Zach Pandl said the CLARITY Act faces low odds of passing this year, citing Senate scheduling and election-year politics.
Despite the delay, he said crypto markets can still move forward without the bill. Bitcoin’s role as a store of value and stablecoin payment growth are expected to remain unaffected. Regulators are likely to fill gaps through rulemaking instead.
Pandl said an agreement on the CLARITY Act remains “technically still possible” before the year ends. Still, he pointed to “the realities of the Senate calendar” as a key obstacle.
Election-year politics have added further friction to negotiations surrounding the bipartisan bill. Lawmakers continue discussions, but the window for action keeps narrowing as time passes.
The delay will not immediately disrupt how major blockchains operate on a daily basis, Pandl said. He noted the industry “has moved forward for almost 17 years” without such legislation.
Bitcoin’s demand as a store of value is expected to hold steady without new rules. Stablecoin payment adoption should continue expanding regardless of the bill’s outcome this year.
The CLARITY Act was built to establish a full rulebook for digital assets nationally. It proposed a new path for capital formation through blockchain-based technology and tools.
Grayscale: CLARITY Act Unlikely to Pass This Year, but Crypto Can Still Move Forward
Grayscale Head of Research Zach Pandl said the chances of the CLARITY Act passing this year now appear low due to the Senate calendar and election-year politics. He argued that failure to pass… pic.twitter.com/PGcIcYemjt
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Support for tokenized securities markets and digital asset intermediary oversight was also included. Consumer, investor, and developer protections rounded out the bill’s broader legislative framework.
Pandl called the legislation “a sensible, tradfi-like rulebook for digital asset markets in the US.” He described its stalled progress this year as “a missed opportunity” for the industry.
Even so, he maintained that crypto’s forward momentum does not depend on its passage. Market participants are expected to keep building under existing rules in the meantime.
The current administration has already supported digital assets through several regulatory actions, Pandl noted. He pointed to “new rules around institutional custody” and improved banking access for crypto firms.
Clear staking policies have also emerged under existing regulatory authority in recent months. These steps have helped fuel growth across crypto exchange-traded products broadly.
Pandl expects the SEC and other agencies to “fill in the blanks with rulemaking” in the months ahead. Tokenized securities are likely to draw particular regulatory attention during that process.
He called the SEC’s interpretative guidance on federal securities laws “already a big step forward.” Further agency action is expected to build on that regulatory foundation going forward.
Even with expanded rulemaking, incomplete market structure rules may still push activity overseas. Pandl said friendlier “token issuance rules, developer protections, and other factors” draw activity abroad.
This overseas trend had been underway before partially reversing early in the current administration. He said the pattern could resume without comprehensive domestic legislation moving forward.
Pandl summarized the outlook by noting crypto “will move forward without CLARITY,” aided by expected regulatory action. Rulemaking offers a partial substitute, though not a full replacement for comprehensive law.
He framed the CLARITY Act’s stall as a setback rather than a roadblock. Crypto’s broader growth trajectory, in his view, remains intact regardless of this year’s legislative outcome.
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