The U.S. crypto industry can continue advancing without the CLARITY Act, while passage could accelerate regulatory progress and reassure markets that innovation-friendly policies will not be easily reversed, ETF Store President Nate Geraci said. He said the SEC and CFTC under the Trump administration can use their existing authority to support the industry, with the bill’s main benefit being to speed that process and clarify regulatory responsibilities. Grayscale research head Zach Pandl similarly said regulation can advance without congressional passage this year, citing stablecoins, token issuance, tokenized securities and perpetual futures. The GENIUS Act, signed by U.S. President Donald Trump on July 18, 2025, established requirements for payment stablecoin issuers, including full reserves and monthly reserve disclosures. The SEC has also proposed Regulation Crypto Assets, which would allow eligible projects to raise up to $5 million over four years or up to $75 million in any 12-month period. The CLARITY Act’s stated procedural milestone is a Sept. 15 vote on a motion to end debate, requiring 60 votes and not constituting a final passage vote.