Grayscale Identifies the Market Leaders

U.S. investment giant Grayscale believes that upcoming cryptocurrency regulations in the United States could drive significant institutional capital into a select group of blockchain networks. According to the company, the biggest beneficiaries are likely to be Ethereum, Solana, BNB Chain, and Canton Network.

A key factor is the proposed CLARITY Act, which aims to establish a clearer regulatory framework for the U.S. crypto market. The bill has already been approved by the Senate Banking Committee with a 15–9 vote. Before becoming law, it still needs to pass a full Senate vote, be reconciled with the House of Representatives, and receive the president’s signature.

According to Grayscale, Ethereum remains the leading network for tokenized assets thanks to its fully developed on-chain functionality. BNB Chain and Solana follow closely behind. Canton Network also holds a strong position and, according to an earlier Grayscale report, is responsible for more than $348 billion in tokenized on-chain assets.

The same networks continue to dominate the stablecoin and DeFi sectors. The total value locked in DeFi currently stands at around $82.08 billion, with Ethereum, Solana, and BNB Chain accounting for the largest share.

Grayscale also pointed to several projects that could benefit from the new regulations, including Avalanche, Layer 2 networks Base and Arbitrum, the Hyperliquid platform, and Tron.

The company emphasized that Bitcoin could also gain from the regulatory changes. Although Bitcoin does not natively support smart contracts, it is still viewed as the safest crypto asset and an important hedge for the broader market.

Timing, however, remains a challenge. According to journalist Eleanor Terrett, the Senate’s legislative schedule is already heavily packed, and the CLARITY Act will have to compete with several other major bills for attention. Senator Cynthia Lummis admitted that a June vote may be too optimistic.

At the same time, the U.S. Securities and Exchange Commission is pursuing its own regulatory efforts. In March, the SEC and the Commodity Futures Trading Commission jointly released new guidance on the classification of digital assets. The document addresses issues such as stablecoins, staking, airdrops, and tokens that could potentially be classified as securities