Grayscale Investments, the world's largest investment platform focused on digital assets, has appealed to the leadership of the U.S. Senate to bring the CLARITY Act bill to a vote before Congress begins its August recess. This is stated in an open letter from Grayscale's Chief Legal Officer Craig Salm addressed to Senate Republican Majority Leader John Thune and Democratic Leader Chuck Schumer.
The company stated that the document is the result of months of bipartisan work and should provide clear rules for the crypto market, define the authority of regulators, and strengthen U.S. competitiveness in the digital asset sphere.
Grayscale: The U.S. Crypto Market Needs Regulatory Certainty
In its appeal, the company emphasized that the U.S. crypto industry has operated for years without a comprehensive legislative framework, and businesses have been forced to adapt to so-called "regulation by enforcement."
"For too long, U.S. digital asset markets have operated without a cohesive legislative framework. Instead, we have gotten regulation by enforcement—an unpredictable patchwork of rules that leaves businesses, developers, and investors in the dark," Salm noted.
According to him, the CLARITY Act should establish clear rules for market operation and provide a clear distribution of jurisdiction between the CFTC and the SEC.
Grayscale also emphasized that the delay in legislative regulation negatively impacts the country's competitiveness.
"Every day without regulatory certainty is a day when talent, innovation, and, most importantly, capital move to jurisdictions like Singapore, Abu Dhabi, and others that have already created clear regulatory frameworks," the letter states.
The company added that the adoption of the law would allow further development of the U.S. market for crypto exchange-traded funds (ETFs), exchange-traded products (ETPs), and other regulated investment vehicles providing access to digital assets.
The Company Called for a Vote Before the Congressional Recess
Grayscale stressed that the bill has already passed through the Banking Committee, field hearings by the relevant committee, and now only needs consideration on the Senate floor.
"Senators and their staffs from both parties have worked for months on complex issues of jurisdiction, investor protection, and safeguards for developers. The resulting framework protects investors, shields honest developers from overregulation, and provides the certainty Americans deserve," Salm emphasized.
At the same time, the company acknowledged that the Senate's legislative calendar remains packed but urged the chamber's leadership to find time for a vote before the August recess.
"We respectfully ask for a vote to be scheduled before the August recess and to give the Senate the opportunity to provide the regulatory certainty the U.S. digital economy has been waiting for years," the appeal notes.
CLARITY Act Remains at the Center of Political Discussions
Grayscale's appeal comes amid active discussions around the CLARITY Act in Congress.
Earlier, Republicans released the full text of the bill, after which the industry stated that the document was entering its final stage of consideration. However, later consideration of the CLARITY Act in the Senate was postponed due to the priority of other legislative matters, particularly personnel appointments and a new sanctions package against Russia.
One of the main obstacles remained a block of ethics amendments. However, media earlier reported that U.S. President Donald Trump approved a package of ethics provisions, which include, in particular, a ban for public officials to issue crypto assets. According to The Hill, oversight of these requirements should be carried out by the U.S. Department of Justice.
At the same time, the bill continues to draw criticism from certain market participants and regulators.
For instance, New York State Attorney General Letitia James called on Congress to revise the document, stating that it could weaken states' ability to combat crypto fraud.
Furthermore, representatives of dozens of U.S. banks, including Bank of America and U.S. Bank, appealed to the Senate to strengthen the CLARITY Act's provisions regarding stablecoins. They proposed directly banning any mechanisms for rewarding their storage, arguing this posed a risk of large-scale deposit outflows from the banking system.
