Grayscale has urged Senate leaders to put the CLARITY Act to a floor vote before lawmakers leave for the August recess on 31 July, warning that further delay could damage United States competitiveness in digital assets.
The digital asset manager made the appeal in a letter to Senate Majority Leader John Thune (R-SD) and Senate Minority Leader Chuck Schumer (D-NY), as the remaining legislative timetable narrows ahead of the recess.
Grayscale Chief Legal Officer Craig Salm presented the request as an immediate test of Congress’s willingness to establish a comprehensive framework for the digital asset industry.
The company said prolonged regulatory uncertainty had left digital asset businesses exposed to enforcement action without a settled federal system governing participation in the market. It argued that clear national standards would improve investor protection, support responsible innovation and reduce the incentive for companies and skilled workers to move operations overseas.
Pressure from the wider cryptocurrency industry has increased in recent months. Stand With Crypto said its supporters had made 950,000 contacts with federal lawmakers by 22 July.
Brian Armstrong, chief executive of cryptocurrency exchange Coinbase (Nasdaq: COIN), said the legislation was “ready for Senate consideration” and predicted that a vote could take place within weeks.
The Senate Banking Committee approved H.R. 3633 by a bipartisan 15-9 vote on 14 May, following almost a year of negotiations. Committee leaders described the bill as a way to strengthen consumer safeguards, establish clearer operating requirements and give federal authorities more effective tools to address misconduct in digital asset markets.
Grayscale has called the proposal “a comprehensive rulebook”, arguing that it could help determine whether the United States remains the main location for the development of crypto capital markets.
The company warned that failure to act before the recess could leave the bill competing with priorities linked to the midterm elections during the rest of the congressional calendar.
Key obstacles remain
The prospects of enactment remain uncertain. Galaxy Research has cut its estimate of the bill becoming law during 2026 from 50% to 30%.
The 616-page package contains 104 numbered sections covering market structure, custody, enforcement, stablecoins, government ethics, developer protections and safeguards for people who hold digital assets directly.
U.S. Securities and Exchange Commission (SEC) Chair Paul Atkins has expressed optimism that Congress will approve the legislation. He has also stressed the importance of regulatory clarity for exchanges, issuers and investors.
Under the proposed framework, oversight would be divided between the SEC and the Commodity Futures Trading Commission. The intention is to replace overlapping regulatory expectations with clearly defined federal responsibilities.
Before the legislation can move towards final enactment, lawmakers must combine provisions developed by the Senate Banking and Agriculture committees and then resolve differences with the version approved by the House.
Grayscale identified that reconciliation process, limited time for a Senate floor debate and the need to maintain bipartisan backing as the main barriers between committee approval and the bill becoming law.
The company also identified Ethereum, Solana, BNB Chain, Avalanche and Canton Network as blockchain networks positioned to benefit from equity tokenization, highlighting…
