This forum manuscript examines the importance of grazing lands for sequestering soil organic carbon (SOC), providing societal benefits, and potential influences on them of emerging policies and legislation. Discussion of US policy issues related to SOC sequestration and global climate change reflect the importance attached to these topics and of pending legislative initiatives in the United States. Addressing primarily US policy does not lessen the importance of such issues in other countries, but allows an in-depth analysis of legislation, US Department of Agriculture program efforts, soil C credits in greenhouse gas markets, and research needs.