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Grayscale Head of Research Zach Pandl said U.S. crypto regulation is already taking shape across key areas including stablecoins, token issuance, security tokens and perpetual futures, even if the CLARITY bill does not pass this year. Pandl said the CLARITY bill remains important for dividing authority between the SEC and CFTC, but regulatory progress does not depend on that legislation alone.
CoinNess has compiled the related regulatory developments as follows:
– Stablecoins: A federal regulatory framework was established under the GENIUS Act, which took effect in July 2025.
– Token issuance and securities regulation: The SEC is moving in stages to bring issuance standards, the end of securities law applicability, on-chain trading and blockchain-based ownership records into the regulatory fold in August and September this year.
– Derivatives: The CFTC has expanded the scope for trading perpetual futures on regulated exchanges since May this year.
– Market structure: The CLARITY bill would broadly divide oversight authority between the SEC and CFTC, with a Senate cloture vote scheduled for Sept. 15.