TLDR
- Grayscale said the failed CLARITY Act vote will not stop efforts to improve U.S. crypto regulation.
- The Senate vote ended 49-50, falling short of the 60 votes required to advance the bill.
- Grayscale pointed to ongoing SEC and CFTC actions as evidence that crypto policy work continues.
- The SEC and CFTC have issued new guidance on how certain digital assets should be treated under federal rules.
- The Senate setback leaves the crypto sector without the broader federal framework that the CLARITY Act aimed to create.
Grayscale said the failed Senate vote on the CLARITY Act will not end efforts to create clearer U.S. cryptocurrency rules. The Senate failed to advance the bill on September 15 after it fell short of the 60 votes needed to move forward.
The procedural vote ended 49-50. Four Republicans joined Democrats in opposing the motion to advance the measure. Grayscale said the result was not the outcome it wanted, but regulatory work continues outside Congress.
Grayscale Responds After CLARITY Act Vote
Grayscale pointed to the Securities and Exchange Commission and Commodity Futures Trading Commission as key agencies shaping current crypto policy. The asset manager said both regulators continue working on rules and guidance for digital assets. It cited ongoing agency work as evidence that policy development has continued despite the Senate setback.
Today, the Senate did not advance the CLARITY Act to formal debate.
While this was not the outcome we hoped for, the industry continues to make remarkable progress through the ongoing work of regulators like the SEC and CFTC.
Grayscale remains committed to advancing clear,…
— Grayscale (@Grayscale) September 15, 2026
The company also reaffirmed plans to work with lawmakers and regulators on a broader framework. Grayscale expects policy development to continue even though Congress has not approved the market structure legislation. The company said it remains committed to clearer and more comprehensive rules for the digital asset market across U.S. markets.
In March, the SEC issued an interpretation on how federal securities laws apply to certain crypto assets and transactions. The CFTC joined the interpretation and said it would administer the Commodity Exchange Act consistently with that approach.
The framework describes categories including digital commodities, digital collectibles, digital tools, stablecoins, and digital securities. It also identifies several assets, including XRP, as digital commodities under the agencies’ interpretation.
SEC Proposes New Crypto Offering Rules
The SEC continued its crypto rulemaking in August by proposing Regulation Crypto Assets. The proposal would create a tailored offering system for certain investment contracts involving crypto assets and would establish two registration exemptions.
One exemption would cover offerings of up to $5 million over four years. Another would cover qualifying offerings of up to $75 million during 12 months. The proposal also includes a conditional safe harbor after qualifying managerial activities permanently end.
Regulatory guidance does not carry the same status as legislation passed by Congress. Agency interpretations can change through later rulemaking, leadership changes, or court decisions. The failed CLARITY Act vote therefore leaves Congress without the broader statutory framework sought by many digital asset companies.
