December 18, 2025
New opposition is emerging as the crypto market structure bill makes its way through the US Senate. The House passed its version of this legislation in Julyโknown as the Clarity Actโand the Senate has since taken up its own process. While there are many details to be ironed out, broadly speaking the legislation provides a traditional finance rulebook for crypto capital markets, including registration and disclosure requirements, classifications of crypto assets, and rules for insiders. Despite this clear progress, last week the American Federation of Teachers, a major teachers union, came out in opposition to the bill, warning of profound risks to retireesโ portfolios.
We disagree. We still expect this bill to pass and consider it a meaningful potential step in the other directionโtoward clearer and more constructive regulatory guardrails for this emerging and promising sector. (For more on this, see our 2026 Outlook.)
Key Takeaway: Although the markup of this legislation has been pushed to January, Grayscale expects a bipartisan crypto market structure to become law in 2026, bringing greater regulatory clarity to the industry and driving institutional investment.
The US made big strides toward regulatory clarity in 2025.
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