Grayscale Urges Senate CLARITY Act Vote Before August Recess
Grayscale has called on Senate leaders to bring the CLARITY Act to a floor vote before the August recess, warning that inaction could undermine U.S. competitiveness in digital assets. In a letter to Majority Leader John Thune and Minority Leader Chuck Schumer, Chief Legal Officer Craig Salm urged immediate action, stating that prolonged regulatory uncertainty has subjected crypto businesses to enforcement actions without a clear federal framework. The company argued that defined standards would protect investors and encourage innovation while reducing incentives for firms to relocate abroad.
The CLARITY Act, which advanced through the Senate Banking Committee with a bipartisan 15-9 vote on May 14, would establish nationwide rules for digital asset markets and split oversight between the Securities and Exchange Commission and the Commodity Futures Trading Commission. Grayscale described the legislation as a comprehensive rulebook that could determine whether crypto capital markets develop primarily inside the United States. Industry pressure has intensified, with Stand With Crypto reporting 950,000 contacts between supporters and federal lawmakers by July 22. Coinbase CEO Brian Armstrong predicted floor action within weeks.
However, legislative uncertainty remains. Galaxy Research reduced its estimated probability of enactment during 2026 from 50% to 30%. The bill contains 104 sections addressing market structure, custody, enforcement, stablecoins, and more. SEC Chair Paul Atkins expressed optimism that Congress will pass the legislation. Lawmakers still need to reconcile differences with the House-approved version, and limited floor time plus the need for bipartisan support present significant hurdles. Grayscale emphasized that failing to act before the recess could leave the proposal competing with midterm election priorities.