Grayscale Says Ethereum, Solana, BNB Chain And Canton Could Benefit From CLARITY Act

Grayscale says Ethereum, Solana, BNB Chain and Canton Network are among the blockchains best positioned to benefit if the U.S. CLARITY Act becomes law.

The firm’s research note, The Blockchains That Stand To Benefit From Regulatory Clarity, argues that clearer U.S. market-structure rules could unlock more institutional activity across tokenized assets, stablecoins and decentralized finance. Grayscale’s central view is that networks already carrying meaningful onchain financial activity are likely to absorb the first serious wave of regulated capital.

The Digital Asset Market Clarity Act is not final law. The Senate Banking Committee advanced the bill in a 15-9 vote, sending it toward the Senate floor and further negotiations. The legislation is designed to clarify parts of the SEC and CFTC boundary around digital assets, create registration paths for intermediaries and reduce uncertainty around which crypto assets are treated as securities or commodities.

That is why Grayscale’s list leans toward chains with visible financial usage rather than speculative narratives alone. Regulatory clarity would not make every network equally attractive. Institutions still need liquidity, custody support, compliance tooling, settlement depth, developer activity and enough existing financial infrastructure to justify moving real assets onchain.

Ethereum Leads The Institutional Base

Ethereum remains the strongest candidate because it already dominates many core crypto finance categories. Tokenized Treasuries, stablecoins, DeFi collateral, restaking infrastructure and institutional custody products all rely heavily on Ethereum or Ethereum-linked networks.

That gives ETH a broad regulatory-clity upside path. If institutions receive clearer rules for tokenized assets, compliant DeFi access and digital-asset intermediaries, Ethereum already has the deepest base of applications and infrastructure for those flows. The network’s challenge is less about relevance and more about scaling, fees, privacy, MEV, staking concentration and institutional UX.

Ethereum’s role also connects with the wider RWA market. Tokenized assets recently crossed $31 billion as Treasuries, private credit, commodities, equities and fund products moved deeper into blockchain rails. A clearer U.S. rulebook could accelerate that trend if asset managers and broker-dealers get more predictable treatment.

Solana, BNB Chain And Canton Target Different Use Cases

Solana’s case is built around speed, low fees and consumer-scale trading activity. The network has already been gaining traction in tokenized stocks, stablecoin settlement and high-frequency app usage, including a recent surge where Solana tokenized stock volume hit records. If regulated tokenized markets move toward faster retail and institutional settlement, Solana has a strong throughput argument.

BNB Chain brings a different profile. Its strength sits in retail distribution, stablecoin usage, low-cost transfers and exchange-linked liquidity. That makes it relevant for high-volume payments, trading and app activity, even if U.S. institutional adoption may depend heavily on compliance, custody and jurisdictional structure.

Canton Network stands out because it is not competing as a general retail blockchain. Its appeal is institutional finance, privacy and regulated settlement between financial institutions. That gives it a cleaner fit for tokenized securities, fund administration and permissioned financial workflows that still want blockchain-based synchronization.

Those distinctions matter as tokenized securities become a larger market. ICE and OKX recently formed OKXICE for a tokenized securities push, while Baillie Gifford’s BAGEY fund launched on Solana with a native onchain register structure rather than a simple wrapper.

CLARITY Act Still Faces Political Steps

Grayscale’s thesis depends on legislation that still needs to clear more political hurdles. The Senate process, House reconciliation and final text can still change how digital commodities, network tokens, stablecoins, DeFi interfaces and tokenized securities are treated.

Bitcoin would likely benefit from broader clarity as well, even though it does not natively support the same smart-contract activity as Ethereum, Solana, BNB Chain or Canton. Its role is more about collateral, reserve demand and institutional custody than tokenized asset issuance.

The market signal is more precise for smart-contract and institutional-settlement networks. Ethereum, Solana, BNB Chain and Canton already sit near the center of stablecoins, DeFi or tokenized finance. If the CLARITY Act gives U.S. institutions a clearer path into those markets, Grayscale expects capital to move first toward chains where regulated financial activity is already live rather than toward networks still waiting for institutional use cases to appear.

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