Grayscale's head of research, Zach Pandl, said the crypto industry can keep moving forward even if the CLARITY Act fails to pass, arguing that progress doesn't hinge on Congress. Full passage of the bill is unlikely in 2026, he noted, thanks to a crowded Senate calendar and election-year politics. The remarks land as Senate Majority Leader John Thune filed cloture on the motion to proceed, setting up a possible floor vote after lawmakers return on September 15.
Why regulators matter more than Congress
Pandl pointed out that digital assets have operated for roughly 17 years without comprehensive US market structure rules. That track record suggests the industry can continue via regulators rather than waiting on lawmakers. He expects the SEC and other agencies to fill gaps through rulemaking, especially around tokenized securities.
Regulators' interpretative guidance on applying federal securities laws to crypto assets was called a "big step forward" for the industry. That kind of clarity, Pandl argued, can come from the agencies themselves even when legislation stalls.
What a delay means
Without clear rules, a growing share of new investment and developer activity could drift to overseas markets. Pandl framed the delay as a missed opportunity rather than a crisis. The failure wouldn't have an immediate impact on major blockchains, Bitcoin demand as a store of value, or stablecoin payments growth, he said.
The timing isn't great, but it's not catastrophic either. The industry has been here before and kept building.
What's already changed
Trump-era policies gave the sector a real lift, including new institutional custody rules, improved banking access, clearer staking policies, and growth in crypto exchange-traded products. Those changes are already baked in, which is part of why Pandl sees the legislative path as less critical than it once was.
The Senate math
The bill still lacks the support to advance, and analysts have flagged several Senate roadblocks that could sink a possible September vote. Thune's cloture filing gets the process moving, but it doesn't guarantee passage. Lawmakers return on September 15, and that's when the real test happens.
