Grayscale says U.S. crypto regulatory overhaul to continue despite CLARITY Act setback

The U.S. Senate failed to push forward the CLARITY Act, which addresses the structure of the digital asset market, but Grayscale forecast that efforts to refine U.S. cryptocurrency policy will not stop.

On Sept. 16 local time, blockchain outlet The Crypto Basic reported that the Senate on Sept. 15 failed to send the bill to the next stage in a procedural vote.

In the vote, the bill failed to secure the 60 votes needed to overcome a filibuster. It drew 49 votes in favour and 50 against, and 4 Republican lawmakers also voted against it alongside Democrats. It effectively put the brakes on broad legislative talks the crypto industry had been hoping for.

Grayscale acknowledged the vote fell short of expectations but stressed that work to refine rules at the regulator level is continuing. It said, "The industry continues to make remarkable progress through the ongoing work of regulators like the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC)."

It also reaffirmed its position that it will continue cooperation with policymakers and regulators to create clearer and more comprehensive rules for digital assets. It said it expects U.S. cryptocurrency policy to keep maturing even if legislation is delayed.