Bitwise CIO: Bull Market May Persist Despite Clarity Act Setback

PANews, September 17 - According to The Block, Bitwise Chief Investment Officer Matt Hougan has revised his previously pessimistic outlook on the failure of the Clarity Act, arguing that the crypto bull market is no longer highly dependent on the bill's passage. The Clarity Act received only 49 votes in a procedural Senate vote, falling short of the 60-vote threshold, but since July 1, Bitcoin has risen from approximately $57,950 and broke through $80,000 in early September, while the prediction market probability of the bill passing this year dropped from 39% to 14% over the same period. Hougan noted that Robinhood launching its own public blockchain, Morgan Stanley listing a Solana ETF, and DTCC completing the first batch of tokenized stock settlements indicate that Wall Street institutions anticipate the SEC and CFTC will drive the crypto market through rulemaking. Even without congressional legislation, the bull market may continue under the regulatory "rules-based path."