Foreign media reports that Grayscale Investments, the research supervisor of Zach Pandl, stated that if the US CLARITY Act passes the Senate vote on September 15th, it could become a positive catalyst for the crypto market. However, he believes that the benefits from this may not first be reflected in Bitcoin; smart contract platforms and application layer projects might receive more direct boosts.
The purpose of the bill is to ensure clarity in regulation.
Pandl indicates that the core purpose of this legislation is to bring the crypto industry closer to the regulatory approaches of other mature industries. He believes that crypto assets, blockchain, and stablecoins are already widely used globally and should therefore be regarded as a formal industry with actual value.
He also mentioned that if the bill receives stronger cross-party support, market expectations for policy continuity could be more stable, which would further amplify its positive effects.
The marginal benefits of Bitcoin may be small or non-existent.
The main argument of Pandl is that Bitcoin itself already has a relatively clear regulatory framework, so the marginal benefits brought about by new legislation may be limited. In his view, Bitcoin is now more clearly regarded as a digital commodity, which means that its potential for a rebound after regulatory uncertainties are alleviated is relatively small.
In contrast, smart contract platforms such as Ethereum, Solana, Avalanche, Sui, as well as application-layer and infrastructure projects like Chainlink and Uniswap, are likely to benefit more from the clarification of regulatory frameworks. The reason is that these networks and protocols have more complex functions and were more susceptible to unclear regulatory classifications in the past.
The current market is compared to the end of 2022.
Pandl also compares the current market environment with the period from late 2022 to early 2023. He stated that at that time, market attention once declined, but the fundamental driving factors for crypto assets did not change fundamentally. Subsequently, driven by specific events, funds flowed back into the market again.
He believes that similar characteristics exist today: market sentiment is not extremely high, but the connection between traditional financial funds and digital assets continues to strengthen. Even if legislative progress is not entirely smooth, regulatory improvements may still be made through the formulation of institutional rules or other policy pathways.
- Key timeline: The Senate is scheduled to vote on September 15th.
- Source of opinion: Grayscale Research Supervisor Zach Pandl
- Beneficiaries: Smart contract platforms or those that are superior to Bitcoin
