Grayscale Says Ethereum, Solana, BNB Chain May Benefit From CLARITY Act

A small group of blockchain networks that dominate on-chain financial activity could benefit if the U.S. crypto market structure bill known as the CLARITY Act wins final approval, Grayscale said.

In a report published on May 22, Jack Pandl, Grayscale's head of research, wrote that the CLARITY Act and changes in U.S. Securities and Exchange Commission guidance would spur growth in tokenized assets and decentralized finance, or DeFi.

Pandl said on-chain financial activity is concentrated on a limited number of blockchains.

In tokenized assets, Ethereum leads the market, followed by BNB Chain and Solana. Canton Network is also expanding its influence through a separate network structure, he wrote.

In stablecoins, Ethereum, Solana and BNB Chain were identified as the key networks by supply and transaction volume.

In DeFi, Ethereum, Solana and BNB Chain also lead by total value locked, or TVL, and application activity.

Grayscale said Avalanche (AVAX), Base, Arbitrum (ARB), Hyperliquid (HYPE) and Tron (TRX) could also benefit from greater regulatory clarity.