Grayscale: US Crypto Regulation Improving Without Clarity Act

Despite the failure of the Clarity Act to pass this year, Grayscale Research Chief Zach Pandl has analyzed that cryptocurrency regulations are already being concretized in major sectors including stablecoins, token issuance, security tokens, and perpetual futures. He explained, 'The Clarity Act remains important for dividing authority between the SEC and CFTC, but regulatory progress isn't solely dependent on this legislation.' Below is a summary of related regulations compiled by CoinNess:

- Stablecoins: The Geniuses Act establishes a federal regulatory framework (effective July 2025) - Token Issuance & Securities Regulation: SEC is advancing step-by-step institutionalization including issuance criteria, exemption from securities regulation, on-chain transactions, and blockchain-based ownership records (August-September this year) - Derivatives: CFTC expanding permissible scope for trading perpetual futures on regulated exchanges (starting May)

- Market Structure: Proposed plan to comprehensively delineate SEC and CFTC oversight authority through the Clarity Act (Senate final vote scheduled for September 15)