Grayscale says U.S. crypto regulation does not live or die on a single Senate procedure. In a research note published ahead of the September 15 cloture vote on the CLARITY Act, the asset manager argued that federal digital-asset policy is advancing on multiple fronts, including stablecoins, token issuance, tokenized securities and derivatives, regardless of whether the bill clears its next hurdle.

That does not make the vote irrelevant. Grayscale’s position is that CLARITY remains a comprehensive route to a federal framework, while its failure would not halt work already developing in other areas of digital-asset policy.