Grayscale: ETH, SOL, BNB and Canton Top CLARITY Act Winners

Asset manager Grayscale identified Ethereum, Solana, BNB Chain and Canton Network as the blockchains best positioned to absorb institutional capital if the Digital Asset Market CLARITY Act becomes law. The bill cleared the Senate Banking Committee by a 15–9 vote on May 14 and now moves to the full Senate.

Grayscale based its selections on on-chain functionality, stablecoin supply, decentralized finance total value locked and tokenization activity. Ethereum ranked first for overall on-chain capabilities, with BNB Chain and Solana in second and third. The firm noted those three networks also lead in measures tied to tokenized assets and DeFi activity.

Grayscale included Avalanche, Base, Arbitrum, Hyperliquid and Tron on a broader list of networks that could benefit from the proposed regulatory framework. The firm framed the findings within a broader theme of tokenization, saying regulated capital is likely to flow toward networks already connected to traditional finance systems.

Canton Network differs from the other three by design. The Layer-1 chain was built with privacy and regulated workflows for institutional users and has attracted banks and market infrastructure providers as validators and partners. Canton is hosting a DTCC pilot for tokenized U.S. Treasuries and lists JPMorgan, HSBC and Visa among its validators. The network reported that “$350B settles daily on Canton, with over $6T in tokenized real-world assets and institutions like JPMorgan and DTCC building in production.” Canton has also launched an ETF that gives retail investors exposure to its tokenized ecosystem.

In a post summarizing its analysis, Grayscale wrote, “Regulatory clarity is coming, and a rising tide will likely lift digital assets broadly. It’s targeting the chains already leading tokenized assets, stablecoins, and DeFi: $ETH, $SOL, $BNB, and $CC.” The firm described on-chain liquidity and existing ties to traditional finance as key factors that could influence where institutional flows concentrate.

The CLARITY Act would divide oversight of digital assets between the Securities and Exchange Commission and the Commodity Futures Trading Commission. Passage in the full Senate requires at least 60 votes; the committee vote on May 14 cleared the first major procedural hurdle.

Market participants and blockchain protocols will monitor the legislation and related developments in federal oversight to see whether institutional allocations shift toward the networks Grayscale identified.