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Grayscale Research Director Zach Pandl said that the CLARITY Act, which aims to create a comprehensive regulatory framework for the cryptocurrency market in the US, now seems unlikely to pass Congress this year. Pandl noted that the Senate’s busy schedule and election year politics make it difficult to reach a bipartisan agreement on the bill.
According to Pandl, the failure of the Clarity Act to become law will not directly impact the demand for Bitcoin as a store of value, the functioning of major blockchains, or the growth in stablecoin payments in the short term. The cryptocurrency sector has been developing in the US for nearly 17 years without comprehensive market structure legislation.
However, a Grayscale executive noted that the lack of comprehensive regulation could slow new investment activity and capital formation in the U.S. The CLARITY Act aimed to open new avenues for capital formation through blockchain technology, support the development of tokenized securities markets, and create a comprehensive oversight framework for digital asset intermediaries. The bill also included various protections for consumers, investors, and software developers.
Pandl believes that federal regulators will continue to fill regulatory gaps in the crypto sector even without new legislation. In particular, the SEC and other agencies are expected to develop new rules and regulations in various areas, especially tokenized securities, in the coming months.
According to Grayscale, significant progress has been made in favor of the sector in the regulatory approach to institutional custody services, banking access, staking, and crypto exchange investment products under the current administration. However, Pandl warned that in the absence of comprehensive market structure legislation, a larger portion of new investments and developer activity could shift to countries outside the US.
*This is not investment advice.