U.S. crypto regulation can continue advancing even if the CLARITY Act fails to pass, Grayscale Research said ahead of a Sept. 15 Senate cloture vote. The bill remains significant because it would create a broader federal digital-asset framework and divide regulatory responsibilities between the SEC and CFTC (U.S. derivatives regulator), but Grayscale said its passage is not decisive for progress on stablecoins, token issuance, tokenized securities or crypto derivatives. The GENIUS Act has already established federal rules for payment stablecoins and their issuers, while the SEC and CFTC are pursuing separate initiatives. The Senate motion to proceed requires 60 votes, compared with 53 Republican seats, and approval would permit debate rather than constitute final passage. Coinbase CEO Brian Armstrong said he believes the measure has an early-stage yes vote, although other lawmakers question whether it can reach the threshold. Grayscale said the CLARITY Act would provide the most comprehensive structure, while U.S. policy could continue through legislation, agency rules and regulated market products.