SEC Puts Crypto Rules at the Front of Its Policy Agenda

The Securities and Exchange Commission (SEC) published a draft strategic plan on June 2 that places crypto rules in the first objective of its first regulatory policy goal. The ordering gives digital assets a prominent role in the agency’s 2026-2030 regulatory agenda.

Goal 1 focuses on innovation, capital formation, market efficiency, and investor protection. Its first objective calls for a firm regulatory foundation for digital assets and distributed ledger technologies. The securities watchdog says that framework should be rational, coherent, and principled. The language points to clearer rules across crypto markets, tokenized products, and onchain financial infrastructure.

The SEC draft plan states:

“ Blockchain and crypto asset technologies have the potential to revolutionize America’s financial infrastructure and deliver new optionality, efficiencies, cost reductions, transparency, and risk mitigation for the benefit of all Americans.”

Crypto’s growth has moved faster than existing regulatory structures, according to the plan. That gap affects token issuers, exchanges, custody providers, and firms developing blockchain-based financial infrastructure. The SEC also points to the need for greater clarity on how federal securities laws apply to digital assets. Clearer rules could help innovators meet those obligations while supporting market integrity and protecting investors.

Why the SEC’s Crypto Framework Could Matter for Investors

The plan identifies harmonization as a central objective for crypto oversight. The SEC says digital asset markets need clear and principled rules anchored in statute, giving firms and investors a more consistent basis for market decisions.

That framework could affect how crypto firms design products, structure token offerings, and manage custody or trading services. The draft also points to compliant tokenized capital formation and onchain financial infrastructure as areas where clearer rules may guide development.

SEC draft adds:

“This harmonization seeks to ensure that the crypto markets have clear and principled rules of the road, anchored in statute, that promotes innovation while maintaining the highest degree of investor protection.”

The plan’s reach could extend beyond crypto-native businesses. Asset managers, public companies, fintech firms, and investors may all be affected as tokenized assets become more integrated into regulated markets.

The proposal remains subject to public comment before the SEC finalizes the strategic plan. That process could give market participants, investor advocates, and technology firms a chance to shape the agency’s long-term approach to digital assets.

The document presents digital assets as part of a broader modernization effort that ties crypto policy to capital formation, market efficiency, and investor protection. It also points to legal certainty as a priority, suggesting clearer rules could help blockchain-based products develop within federal securities laws while giving market participants a more predictable path for compliance.

Crypto Still Excluded From Legal Tender Status

South African regulators have reiterated that cryptocurrencies and stablecoins are neither money as defined in the country’s National Payments System Act nor funds, and are therefore not legal tender. In a joint statement, the South African Reserve Bank (SARB) and the Financial Sector Conduct Authority (FSCA) said they are already conducting analytical work to explore the regulatory treatment of crypto assets for payment purposes.

The joint regulatory clarification responds directly to a shifting financial landscape in South Africa, where digital assets are rapidly transitioning from speculative investments to mainstream transactional tools. This domestic migration toward decentralized finance has intensified pressure on current monetary policies. Prominent South African economist Dawie Roodt argues that the country’s existing exchange control laws are fundamentally incompatible with modern capital flows, warning that a failure to modernize these regulations will inevitably accelerate consumer abandonment of the local currency in favor of more stable, digitized alternatives.

However, the regulators counter that widespread crypto adoption could compromise the efficiency of the National Payments System (NPS) and trigger broader systemic risks across the financial sector. To mitigate these vulnerabilities, the South African government aims to expand the regulatory perimeter of the NPS Act.

“The revision of the NPS Act will include provisions that would enable the SARB, at its discretion, to declare and regulate payment instruments other than money, such as crypto assets. Among other aspects, this will provide the SARB with the authority and discretion, should a compelling case arise, to designate crypto assets as payment instruments for domestic transactions,” the statement reads.

While the SARB is not envisioned to regulate “unbacked” crypto assets as payment instruments, the approach toward stablecoins will be different. Because stablecoins have been determined to possess some characteristics of digital money, they have the potential to be adopted as a payment instrument, the regulators said. Consequently, the Intergovernmental Fintech Working Group (IFWG) is analyzing the applicable use cases of local currency-pegged stablecoins to inform an appropriate policy and regulatory response.

Still, the South African central bank is unlikely to sanction or consider foreign currency-pegged stablecoins as payment instruments for domestic transactions because they “may result in the risk of currency substitution (‘dollarization’), which would weaken the monetary policy transmission.”

Clarity Act Warning Puts Congress on a Crypto Policy Deadline

The Clarity Act has become a deadline test for Congress, and Senator Cynthia Lummis (R-WY) is warning that failure to act could delay comprehensive digital asset legislation until 2030. In posts published between May 24 and May 30, Lummis argued that inaction would leave developers without legal protections, consumers vulnerable, and law enforcement without stronger tools to pursue bad actors.

Her warning centers on a narrow legislative window. If Congress misses it, software developers, investors, exchanges, and enforcement agencies could spend years operating without the federal framework Lummis says the market needs. The senator from Wyoming cautioned:

“The next window for digital asset legislation after this Congress is likely 2030. Until then, developers remain exposed with no legal protections, and law enforcement remains without the tools to hold bad actors accountable. The Clarity Act solves both.”

The 2030 warning reflects political realities rather than a hard legislative deadline. The current 119th Congress ends in January 2027, and midterm elections in November 2026 could reshape priorities, leadership, and momentum. If the Clarity Act fails this session, a new Congress would likely have to restart the process with reintroduction, hearings, committee work, and fresh negotiations. The 2028 presidential race could further complicate bipartisan work, leaving the 2029-2030 Congress as the next realistic window for a complex crypto market structure bill.

That timing argument folds together several risks. Lummis warned that developers could face prosecution for publishing code, investors remain exposed, and innovators keep guessing without clear rules. She also rejected the idea that the current environment is a free market, calling it a liability instead.

The Clarity Act has advanced through key stages of Congress, but it remains short of becoming law. The House passed the Digital Asset Market Clarity Act in July 2025 by a 294-134 vote, sending the legislation to the Senate. On May 14, 2026, the Senate Banking Committee advanced an amended version in a bipartisan 15-9 vote. The bill still requires approval from the full Senate, where it must clear the 60-vote filibuster threshold, before any final reconciliation with the House version and a signature from President Donald Trump.

Consumer Protection and China Raise the Stakes for Congress

The consumer protection warning gives the bill its clearest public consequence. Lummis said customers may lack guaranteed rights to their assets if a digital asset exchange goes bankrupt, forcing them into creditor proceedings alongside major financial firms and lawyers.

The U.S. senator stated:

“Without the Clarity Act, if a digital asset exchange goes bankrupt, customers have no guaranteed right to their own assets. They join a creditor line w/ other Wall Street firms and expensive lawyers and hope for the best. This is a consumer protection failure Congress must fix.”

That bankruptcy argument moves the debate beyond exchange registration and regulatory jurisdiction. It makes customer ownership the central issue and supports Lummis’ argument that Congress should define asset protections before another platform failure tests them. The warning also extends to global competition. Lummis said China is not waiting, argued that the United States must set the digital asset standard, and tied the Clarity Act to America’s dollar-dominated financial leadership.

President Donald Trump has also reinforced the push for market structure legislation. Lummis urged Congress to send him the bipartisan Clarity Act, arguing that it could help make the United States the crypto capital of the world. Her appeal aligns with Trump’s recent calls for a digital asset framework that “cannot be undone” and for the United States to become the “undisputed crypto capital and Bitcoin superpower of the world,” strengthening her case that Congress has a rare opening to lock in long-term crypto policy.

Central Bank Of Brazil Moves to Add Audit Requirement for VASPs

The Central Bank of Brazil has introduced yet another requirement to approve the operation of virtual asset service providers (VASPs) in the country.

Under Normative Instruction No. 739, issued on Friday, the bank now requires VASPs to present an independent audit from an entity registered with the Brazilian Securities and Exchange Commission (CVM) to issue operational licenses.

The audits, referred to as “reasonable assurance reports,” must contain data assessing the VASP’s legal compliance in different aspects, including institutional policy, organizational structure, and employee training; internal risk assessment regarding the use of the company’s products and services in the commission of money laundering and terrorism financing crimes; and procedures designed to get to know your customers.

Furthermore, this report should also assess the readiness of the audited VASP on monitoring, selection, analysis, and reporting of operations and situations suspected of money laundering and the financing of terrorism and weapons of mass destruction; monitoring and analysis of evidence of the occurrence or attempted occurrence of fraud and scams; and administrative asset freezes.

The bank stated that these measures aim to “increase the security of decisions in authorization processes, while reinforcing the country’s alignment with international practices and standards for combating these crimes.” It also reinforced that “verification by independent audit contributes to greater transparency and reliability in the controls adopted by companies in the sector.”

The actions come after Operation Hidden Flow, a high-stakes operation that targeted six fintech companies moving over $5 billion irregularly, detected the use of digital assets for money laundering.

The Primeiro Comando da Capital, a drug trafficking organization recently designated by the Trump Administration as Specially Designated Global Terrorists (SDGT), is suspected to be behind these operations.

CFTC Opens Historic Path for Bitcoin Perpetuals

The Commodity Futures Trading Commission (CFTC) announced on May 29, 2026, a historic step to bring true bitcoin perpetual contracts into the U.S. regulatory framework. The action opens a path for one of crypto’s most liquid derivatives markets to trade on CFTC-registered exchanges, with BTCPERP becoming the first approved spot BTC-linked perpetual contract.

The CFTC approved KalshiEX LLC’s request to list BTCPERP, a spot BTC-linked perpetual futures contract, on its CFTC-registered exchange. The product is designed to trade without a fixed expiration date, a feature that has made perpetuals a dominant instrument on global crypto platforms. The agency said the contract satisfies applicable law, agency rules, and designated contract market standards. Kalshi must operate the product under ongoing CFTC oversight.

CFTC Chairman Mike Selig wrote on X:

“This morning, the CFTC took historic action to permit the listing of a true bitcoin perpetual contract by a CFTC-registered exchange, charting a path for one of the most liquid segments of the crypto asset markets to exist within the US regulatory framework.”

The decision positions Kalshi as the first CFTC-regulated venue authorized to list a bitcoin perpetual contract. Perpetuals account for a significant share of global crypto derivatives activity, yet the products have largely remained outside U.S. regulated markets. The order establishes a domestic framework for a market segment that has historically been concentrated on offshore trading platforms.

Onshoring Perpetuals Becomes the Policy Goal

On May 29, the CFTC’s actions extended beyond Kalshi’s approval. Staff issued an interpretation and no-action position tied to Coinbase Financial Markets Inc.’s plan to offer covered crypto perpetual contracts listed on Deribit FZE, its affiliated foreign board of trade. Staff said those products may be treated as foreign futures. The guidance also addressed how futures commission merchants may transfer customer-owned digital commodities and payment stablecoins for margin, subject to conditions.

Policy guidance released the same day shows how the CFTC plans to review future perpetual products. The agency favors case-by-case consideration for contracts tied to assets beyond Kalshi’s bitcoin product. That approach gives staff room to examine market design, asset quality, customer protections, and trading controls before additional perpetuals reach U.S. exchanges.

Selig’s first public remarks as chairman placed perpetual futures, 24/7 trading, and U.S.-based crypto infrastructure inside a joint agenda with the Securities and Exchange Commission (SEC). Together, the May 29 actions establish a coordinated framework for bringing bitcoin perpetuals and related products under CFTC oversight, providing exchanges and market participants with clearer regulatory guidance.

The CFTC chairman further stated on X:

“Today’s action to onshore crypto asset perpetuals reflects the CFTC’s commitment to fostering responsible innovation while ensuring that these novel products are traded on regulated exchanges that uphold customer protections and market integrity.”

For market participants, the practical change is the emergence of a regulated U.S. venue for bitcoin perpetual exposure. For exchanges, brokers, and clearing firms, the approval provides a clearer framework for product design, margin treatment, and compliance. The next test is whether trading activity migrates from offshore platforms into the regulatory structure the CFTC has begun establishing.

CFTC Review of Gemini Case Reshapes Crypto Enforcement

The Commodity Futures Trading Commission (CFTC) brought its effort to unwind parts of the Gemini case to federal court on May 27, joining the company in a motion to remove remaining restrictions tied to the long-running action against Gemini Trust Company LLC. The agency asked the court to vacate prospective provisions linked to a January 2025 consent order after concluding the original complaint should not have been filed under current standards.

The federal agency said the review covered the investigation’s history, litigation strategy, evidentiary record, and broader digital-asset enforcement policy changes across government agencies. The case began in June 2022 in the U.S. District Court for the Southern District of New York and centered on allegations that Gemini made false or misleading statements during a registration process connected to a bitcoin futures product. The CFTC stated that Gemini had already satisfied the settlement’s $5 million civil monetary penalty, leaving only the consent order’s prospective provisions for the court to consider. The regulator stated:

“The CFTC concluded the complaint should not have been filed — and would not have been under current enforcement standards.”

The CFTC also outlined several internal concerns uncovered during the review, including questions about witness credibility, evidence handling, and litigation conduct. The agency said the complaint relied heavily on a whistleblower account already viewed as lacking credibility. Commission staff further stated that evidentiary support requested by a commissioner was withheld before the agency voted on the complaint. The filing also cited concerns that litigation counsel blocked access to information Gemini considered necessary for its defense while asserting deliberative process privilege during discovery disputes.

Gemini Trust Company LLC operates the Gemini cryptocurrency exchange founded by Cameron and Tyler Winklevoss, who launched the platform in 2014 as a regulated digital-asset marketplace for U.S. users. The company has positioned itself as a compliance-focused crypto firm and obtained a New York trust charter through the New York State Department of Financial Services, allowing it to offer custody and trading services under state banking oversight.

SEC and CFTC Coordination Alters Crypto Oversight Path

Broader federal policy changes have increasingly favored coordinated oversight and reduced regulatory fragmentation for digital assets. In March, the Securities and Exchange Commission (SEC) and the CFTC signed a new memorandum of understanding aimed at harmonizing crypto supervision, streamlining oversight, and limiting duplicative enforcement actions across agencies. The initiative specifically highlighted digital assets and emerging financial technologies as priority areas for joint coordination.

After reviewing Gemini’s settlement terms and the remaining prospective restrictions, the regulator stated:

“The CFTC determined that continuing enforcement of the consent order’s prospective provisions serves neither the CFTC’s mission nor the public interest.”

Recent CFTC actions also point toward a revised enforcement strategy emphasizing cooperation, transparency, and narrower use of punitive actions. On May 19, the agency issued updated guidance explaining how firms may receive cooperation credit or potential declinations after self-reporting and remediation efforts. The agency described the policy as part of a broader effort to simplify enforcement practices while strengthening market integrity protections.

Gemini’s case could become a reference point for future crypto disputes involving federal agencies and digital-asset firms. The joint motion asks the court to remove remaining restrictions tied to the settlement, arguing that continued enforcement no longer serves the public interest or the agency’s mission. The reversal could shape pending and future crypto litigation in the United States.

Crypto Exchanges Face UK Regulation 17A Action

Britain announced on May 26 a sanctions package aimed at crypto routes used to move funds into Russia. The measures focus on exchanges, payment providers, stablecoin infrastructure, banks, and individuals tied to sanctions-evasion networks. The U.K. government said the package targets cryptocurrency channels and the A7 network, with the measures taking effect immediately.

Crypto-related entities named in the package include EXMO Exchange Limited, Arvix Limited Liability Company, Rapira Group LLC, Alistera Limited, Sooty Ltd, Aifory LLC, Bitpapa IC FZC LLC, Nueva Cryptologia S.A.S. de C.V., Huobi Global S.A., OJSC Virtual Asset Issuer, and OJSC State Brokerage Company. Chainalysis said: “The U.K.’s Foreign, Commonwealth and Development Office (FCDO) sanctioned 18 cryptocurrency exchanges, payment providers, and individuals for helping Russia bypass international trade blockades using digital assets.” The British government stated:

“The UK has today announced a new package of sanctions targeting cryptocurrency exchanges and the ‘A7 network’, used by Russia to evade existing restrictions and channel funds to fuel its barbaric war against Ukraine. These sanctions will come into force immediately.”

A7-related targets form a separate group inside the sanctions package. They include Alistera Limited, OJSC State Brokerage Company, Diamond Estate LLC, Trace Road LLC, Liran Cohen, Igor Gorin, and Irina Akopyan. Officials described A7 as a Kremlin-backed network used to move money through Kyrgyzstan-linked financial channels, finance military procurement, and process oil-sale proceeds.

New UK Sanctions Increase Pressure on Russia Crypto Channels

Elliptic called the action “one of its most expansive cryptoasset-focused sanctions packages to date.” The firm said the U.K. applied Regulation 17A to cryptoasset exchanges for the first time, dramatically expanding obligations for U.K. virtual asset service providers (VASPs). Chainalysis said the rule targets core financial payment channels by cutting off correspondent banking relationships and restricting transfers involving designated entities.

Stablecoin infrastructure forms another risk layer. Chainalysis connected A7 to A7A5, a ruble-backed stablecoin issued in Kyrgyzstan, and said it recorded $93 billion in first-year trading volume. Elliptic identified OJSC Virtual Asset Issuer as the issuer of USDKG. The analysis also linked Grinex to A7A5 trading and described Grinex as Garantex’s successor.

Secretary of State for Foreign, Commonwealth and Development Affairs of the United Kingdom Yvette Cooper said:

“If the Kremlin thinks it can evade our sanctions by hiding behind crypto networks and shadow financial systems, it is gravely mistaken.”

For crypto markets, the sanctions package increases pressure on exchanges and payment networks linked to Russia-facing liquidity flows. The measures also widen scrutiny around stablecoin infrastructure, cross-border settlement channels, and platforms associated with sanctioned Russian crypto activity.

Crypto Group Presses Senate After CLARITY Act Advances

Stand With Crypto, a digital asset advocacy organization that mobilizes crypto users around U.S. policy issues, urged followers on May 26 to press senators for a “yes” vote on the Digital Asset Market Clarity Act after the Senate Banking Committee advanced the bill with bipartisan support. The group framed the next vote as a key hurdle for legislation that would set federal rules for digital assets.

The measure, known as the CLARITY Act, gained momentum after years of bipartisan work, the group said, with supporters focusing on consumer protections, U.S. innovation, and legal uncertainty for crypto developers and businesses. The Senate Banking Committee advanced H.R. 3633 by a 15-9 vote, moving the market-structure bill to the floor. Stand With Crypto said:

“But the fight isn’t over. The full Senate still needs to vote YES.”

Supporters describe the bill as a framework for clearer jurisdiction over digital assets, including roles for federal market regulators. That structure is central to the debate over whether some tokens should be treated as commodities, securities, or another category under federal law. Stand With Crypto’s call to action centered on constituent pressure, telling users that direct contact with senators could affect the outcome.

Senate Vote Becomes Next Test for US Crypto Rules

The vote followed a substitute text covering illicit finance, decentralized finance ( DeFi), tokenization standards, developer protections, customer property, bankruptcy protections, and limits tied to stablecoin yield. The bill still requires Senate passage, House alignment, and a presidential signature before becoming law.

Recent debate has centered on whether the bill offers enough investor safeguards while giving crypto firms clearer compliance paths. The Senate text also reflects pressure from banks, crypto firms, and lawmakers seeking clearer limits on stablecoin rewards, DeFi activity, and custody rules. One recent industry-focused analysis noted that a Senate version may still need House approval for new provisions on stablecoin yield, DeFi, or ethics language. Stand With Crypto said:

“Call your senators NOW and tell them to vote YES on Clarity.”

The campaign frames the bill as one of the most consequential U.S. crypto policy fights now before Congress. Its central claim is that clear rules would protect consumers, support new economic activity, and keep blockchain development in the United States. The next verified step is a full Senate vote, where the bill’s bipartisan support will face a broader political test.

Indonesian Government Blocks Polymarket Over Online Gambling Laws

The block was announced by Indonesia’s Ministry of Communication and Digital Affairs, known locally as Komdigi, on or around May 22, 2026, according to several local publications. The move came days after a Polymarket market went live on May 21, allowing users to wager on Prabowo’s early departure from power. The market drew immediate attention on Indonesian social media, news publications, and accelerated government action.

Alexander Sabar, Director General of Digital Space Supervision at Komdigi, was direct about the government’s position. “The government will not allow any form of online gambling in Indonesia,” he said, adding that activities involving “betting and speculation over events that are inconclusive” violate Indonesian law regardless of whether they use blockchain or cryptocurrency infrastructure.

Komdigi classified Polymarket as an online gambling platform operating under the cover of a prediction market. Under Indonesian law, wagering on uncertain future events, including politics, sports, and economic outcomes, meets the legal threshold for gambling. Officials said the block was intended to protect the public, particularly younger users, from financial losses tied to speculative activity.

The ministry said it is also tracing and restricting social media accounts affiliated with Polymarket to enforce a more complete ban across platforms.

Polymarket had not issued a public statement in response to the block as of initial reports. Indonesian users blocked by DNS-level restrictions at the ISP level can still access the platform through VPNs.

The ban is part of a long-running national effort. Gambling is illegal in Indonesia, a Muslim-majority country of roughly 280 million people with strict prohibitions on betting in any form. Authorities have blocked millions of gambling-related domains and frozen more than 33,000 bank accounts linked to online betting activity in earlier 2026 enforcement actions. The government coordinates enforcement across multiple agencies, including financial regulator OJK and law enforcement.

The Polymarket market on Prabowo appeared shortly after the president announced plans to consolidate control over key commodity exports, including palm oil, coal, and nickel, through a state agency. That policy drew economic scrutiny and may have contributed to the market gaining traction online.

Indonesia is not alone in restricting the prediction market platform. Polymarket has faced blocks or access limitations in Singapore, Brazil, and India, with additional restrictions in Taiwan and Thailand. Prediction markets globally face regulatory pressure over gambling classifications, unlicensed operations, and concerns about speculative manipulation.

The Indonesian government has framed its digital enforcement posture around building what officials describe as a “safe, healthy, and productive” online environment. In practice, that means platforms facilitating any form of wagering, including those using decentralized infrastructure, face the same legal treatment as traditional betting sites.

Polymarket launched in 2020 and has grown into one of the most-used prediction market platforms globally, with markets covering elections, geopolitical events, and economic indicators. Its decentralized structure and crypto-based settlement have not insulated it from national-level restrictions.

For Indonesian users, the platform joins a growing list of blocked services. For Polymarket, Indonesia adds one more jurisdiction where access depends on a VPN.

Crypto Networks to Benefit From CLARITY Act Passage

Grayscale shared a research note on May 22, 2026, examining which blockchain networks could gain from the potential passage of the CLARITY Act and a clearer U.S. market structure framework. The report, titled “The Blockchains that Stand to Benefit from Regulatory Clarity,” identified Ethereum, Solana, BNB Chain, and Canton Network as leading candidates for institutional attention tied to tokenized assets, decentralized finance, and stablecoin infrastructure.

Grayscale Head of Research Zach Pandl framed the outlook around activity already happening on-chain. Ethereum led the tokenized-asset category, supported by liquidity, developers, and established decentralized finance markets. Solana and BNB Chain ranked prominently for transaction activity, stablecoin use, and decentralized applications. Canton Network stood out for privacy-focused infrastructure designed for regulated financial institutions and tokenized real-world assets. Avalanche, Base, Arbitrum, Hyperliquid, and Tron also appeared in Grayscale’s broader list. The head of research detailed:

“As regulatory clarity improves, institutional capital will likely target the leading chains for tokenized assets and DeFi. Today, these are Ethereum, Solana, BNB Chain, and Canton Network.”

The report linked regulatory progress to institutional demand for tokenization and stablecoins without treating every blockchain the same. Grayscale placed Ethereum, Solana, BNB Chain, and Canton Network in the first group, while noting that bitcoin also remains important. BTC serves as a major collateral asset and reserve instrument, even though Bitcoin has less native smart-contract functionality than Ethereum or Solana.

CLARITY Act Debate Shapes Crypto Market Structure

Lawmakers continued debating digital-asset legislation in 2026 as market participants watched the CLARITY Act and related proposals. The Senate Banking Committee advanced the bill on May 14, 2026, in a 15-9 vote. The proposals focused on token classifications, registration pathways, and how oversight responsibilities could be divided between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). Those measures would help define how digital assets are issued, traded, and supervised in the United States.

Wider crypto-market research has also connected regulation with institutional adoption. Grayscale’s 2026 outlook pointed to regulated stablecoins, spot crypto exchange-traded products (ETPs), and tokenized financial assets as key themes for traditional finance. That broader view supports the May 22 note’s focus on networks with existing users, liquidity, and financial applications.

Pandl also cited additional networks positioned to benefit from clearer rules, including hybrid networks like Avalanche and Ethereum Layer 2 networks such as Base and Arbitrum, specialized blockchains like Hyperliquid, and stablecoin-focused networks like Tron. He wrote:

“We believe each of these networks should benefit from regulatory clarity as well.”

Institutional adoption trends are reshaping competition among blockchain networks with different operating models. Ethereum, Solana, BNB Chain, and Canton Network target distinct segments of digital finance, from public decentralized applications to permissioned institutional systems. Grayscale’s research placed regulatory clarity at the center of that competition, with capital potentially flowing first toward networks already supporting tokenization, DeFi, stablecoins, and compliance-oriented financial infrastructure.