CLARITY Act faces Sept. 15 test as Grayscale sees low odds

Grayscale Head of Research Zach Pandl said on Aug. 8 that the CLARITY Act now appears unlikely to become law this year, pointing to a crowded Senate calendar and election year politics. Summary Senate leaders filed cloture on CLARITY, setting a September 15 procedural test after August recess. Grayscale says passage this year appears unlikely, citing the Senate calendar and election year politics. The Senate Banking Committee advanced the bill 15 to 9 in a bipartisan May vote. SEC rulemaking can continue without CLARITY, including planned changes for crypto trading and custody rules. Grayscale warns missing federal legislation may push new investment and developer activity toward overseas markets. Yet the bill has not been shelved. Senate Majority Leader John Thune has filed cloture on H.R. 3633, creating a concrete procedural test when lawmakers return in September. The development leaves U.S. crypto policy on two tracks. Congress still has an opportunity to establish a permanent market structure framework, while the Securities and Exchange Commission is moving ahead with its own crypto agenda covering issuance, custody, trading and onchain securities. Grayscale argues that crypto...