The failure of the CLARITY Act in the US Senate has been a major setback for the crypto industry. The outcome raised new questions about the future of regulation in the country and whether the setback could hurt Bitcoin and other digital assets.
But Bitwise Chief Investment Officer Matt Hougan believes the vote may not be enough to derail the broader crypto market rally.
Wall Street Isn’t Waiting
Hougan said the CLARITY Act would have been useful for the industry. The legislation was designed to provide a clearer regulatory framework for digital assets. It also aimed to strengthen investor protections and create rules that could remain in place beyond the current administration. Despite this, the exec said Bitcoin’s latest rally did not depend on the bill’s chances of passing.
According to Hougan, Bitcoin bottomed at about $57,950 on July 1. It then climbed above $80,000 by September 4. During the same period, Polymarket odds of the CLARITY Act becoming law this year fell from 39
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