U.S. crypto regulation is progressing across stablecoins, token issuance, security tokens and perpetual futures even if the CLARITY bill does not pass this year, Grayscale Head of Research Zach Pandl said. The GENIUS Act established a federal framework for stablecoins (crypto tokens designed to maintain stable value) that took effect in July 2025. The SEC (U.S. securities regulator) is moving in stages during August and September this year on issuance standards, when securities laws cease to apply, on-chain trading and blockchain-based ownership records. The CFTC (U.S. derivatives regulator) has expanded the scope for trading perpetual futures (contracts without an expiry date) on regulated exchanges since May this year. Pandl said the CLARITY bill remains important for dividing authority between the SEC and CFTC, with a Senate cloture vote scheduled for Sept. 15.