Summary
- Jack Pandl, Grayscale's head of research, said the Clarity Act is unlikely to pass in 2026.
- He said growth in major blockchains, demand for Bitcoin (BTC) and the stablecoin payments market would continue even if the bill does not pass.
- He also said the absence of the Clarity Act could leave a regulatory gap in the US digital-asset market, hindering new investment and capital formation and raising the risk that companies move overseas.
The Clarity Act, one of the digital-asset industry's most closely watched bills, was not brought to a vote in August, fueling doubts about its chances of passing this year.
In an Aug. 8 report, Jack Pandl, Grayscale's head of research, wrote that while an agreement on the Clarity Act is theoretically possible, the bill is unlikely to pass in 2026 given the Senate's schedule and the midterm elections.
Pandl added that a failure to pass the legislation would not have an immediate effect on the digital-asset industry. Activity on major blockchains would continue, as would demand for Bitcoin (BTC) as a store of value and growth in the stablecoin payments market.
Still, he said the absence of the bill could hinder new investment and capital formation in the US. The Clarity Act would create a comprehensive supervisory framework for the US digital-asset market, and without regulation in place, companies could shift overseas to jurisdictions with more favorable business environments.
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