The cryptocurrency market can continue to grow without new federal legislation, but the absence of a comprehensive rulebook risks pushing the next wave of investment and financial infrastructure outside the United States, according to a new analysis from Grayscale Head of Research Zach Pandl.

The warning comes as the Senate prepares for a critical procedural vote on the Digital Asset Market Clarity Act, or CLARITY Act, on September 15. Majority Leader John Thune filed cloture on the motion to proceed to H.R. 3633, setting up a test of whether the bill has enough support to overcome a Democratic filibuster. The vote is not a final decision on the legislation itself but will signal whether a viable path forward exists after months of…