Zach Pandl, Head of Research at Grayscale, believes the U.S. crypto industry can continue to grow even if the CLARITY Act is not passed in 2026. According to him, large portions of the crypto ecosystem are already functioning without comprehensive market structure legislation, and the bill’s failure would not have an immediate impact on the market. He expects the SEC to fill the regulatory gap through its own rulemaking, particularly on institutional custody and exchange-traded products. However, without unified market rules, a growing share of new investments may shift overseas. The odds of CLARITY Act approval by 2026 remain low, around 21 percent.
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