[Grayscale: U.S. Crypto Regulatory Framework Becoming Clearer Even If CLARITY Act Fails to Pass] According to a report by Jinse Finance on September 11, Grayscale's Head of Research, Zach Pandl, stated in an article that even if the CLARITY Act fails to pass, the U.S. crypto regulatory framework is becoming increasingly clear. The CLARITY Act will face a cloture vote in the Senate on September 15, requiring 60 votes to proceed. Prediction markets suggest a low likelihood of its passage by 2026. Currently, the U.S. has made regulatory progress in multiple areas: the GENIUS Act has established a federal framework for stablecoins; the SEC's proposed crypto asset regulatory guidelines and transfer agent rules will provide a clear path for token financing and tokenization; and the CFTC has opened regulated channels for perpetual futures through Kalshi and Coinbase. Grayscale believes that the passage of the CLARITY Act is not decisive, as cryptocurrency policy has already advanced in various aspects.