Gray scale: The probability of the Clarity Act passing this year is very low, but the impact is limited

Zach Pandl, the head of research at Grayscale, published an analysis stating that although the Clarity Act may still reach an agreement on a technical level, the Senate schedule and the political reality of an election year make the likelihood of passing it this year very low, but the impact is limited. The failure of the bill will not immediately affect the operation of major blockchains, the demand for Bitcoin as a store of value, or the growth of stablecoin payments— the industry has been developing without this bill for nearly 17 years. However, the lack of comprehensive market structure legislation may hinder new investment activities in the U.S., including the development of the tokenized securities market and the regulatory framework for digital asset intermediaries. Under the current administration, regulatory guidance has supported the industry through measures such as new rules for institutional custody, improved bank access, staking policies, and the crypto ETP framework. The SEC and other regulatory agencies are expected to continue filling gaps through rulemaking. The lack of comprehensive regulation may lead to more entrepreneurial activities flowing overseas.