{"id":60666,"date":"2026-01-28T10:06:00","date_gmt":"2026-01-28T03:06:00","guid":{"rendered":"https:\/\/hbbgroup.net\/crypto-needs-to-become-indispensable-if-legislation-fails-bitwise\/"},"modified":"2026-01-28T10:06:00","modified_gmt":"2026-01-28T03:06:00","slug":"crypto-needs-to-become-indispensable-if-legislation-fails-bitwise","status":"publish","type":"post","link":"https:\/\/hbbgroup.net\/vi\/crypto-needs-to-become-indispensable-if-legislation-fails-bitwise\/","title":{"rendered":"Crypto needs to become \u2018indispensable\u2019 if legislation fails: Bitwise"},"content":{"rendered":"
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The crypto industry will need to become ingrained in everyday life in the US should Congress fail to pass a crypto market structure bill, or risk being set back by a change in administration, says Bitwise investment chief Matt Hougan.<\/p>\n

Hougan said in a note<\/a> on Monday that legislation making its way through the Senate to clarify how regulators police crypto<\/a> \u201cwould cement the current pro-crypto regulatory environment into law.\u201d<\/p>\n

If the bill fails, Hougan said a future administration \u201ccould reverse today\u2019s pro-crypto push,\u201d and the industry will have three years, the end of President Donald Trump\u2019s term (in 2029), to \u201cmake crypto indispensable to the everyday lives of regular Americans and the traditional financial industry.\u201d<\/p>\n

\u201cIf, at the end of three years, we\u2019re all using stablecoins and trading tokenized stocks, we\u2019ll get positive crypto legislation regardless of who is in charge. But if crypto is instead still operating on the edges, a change in Washington could be a huge setback,\u201d he added.<\/p>\n

Two Senate committees are pushing to mark up and pass crypto market structure legislation<\/a> to clarify how the Securities and Exchange Commission and the Commodity Futures Trading Commission should approach crypto.<\/p>\n

The markups have been plagued by delays<\/a> as the Senate Banking and Agriculture Committees have both needed to garner bipartisan support for the bill, with lawmakers seeking to include ethics provisions<\/a> and bans on stablecoin yields, among other requests.<\/p>\n

Crypto on divergent paths depending on the bill\u2019s fate<\/h2>\n

Hougan said that the fate of the crypto bill, whether it passes or fails to advance, will have \u201cbig implications for near-term price returns.\u201d<\/p>\n

\u201cThe result is two very different pathways for the market,\u201d he said. \u201cOne is an early bull market built on strong expectations. The other is a \u2018wait and see\u2019 market where any optimism has to wrestle with prolonged regulatory grind and skepticism.\u201d<\/p>\n

Matt Hougan says the crypto bill\u2019s fate in the Senate, which the House passed under the CLARITY Act, could set crypto on different paths. Source: <\/em>Bitwise<\/em><\/a><\/figcaption><\/figure>\n

If the bill passes, specifically a version \u201cthat the crypto industry is comfortable with,\u201d then the market \u201cwill rally sharply,\u201d Hougan said.<\/p>\n

\u201cWith legislation in place, investors will assume that the growth of things like stablecoins and tokenization is guaranteed,\u201d he added. \u201cThey\u2019ll begin to build that future into prices today.\u201d<\/p>\n

Related: <\/strong><\/em>US \u2018crypto capital\u2019 claim tested by developer prosecutions<\/strong><\/em><\/a><\/p>\n

However, if the bill fails, then the future growth<\/a> of the crypto industry will depend on real-world progress, Hougan said.<\/p>\n

\u201cInvestors will demand that crypto prove real-world adoption before they begin to reward prices, because without that real-world adoption, crypto will be built on a regulatory foundation of sand,\u201d he added.<\/p>\n

Hougan was optimistic that Congress would pass crypto market structure legislation, saying the Trump administration has so far \u201cdelivered on its election promises to the crypto industry.\u201d<\/p>\n

\u201cBut if it doesn\u2019t pass, I think we need to prepare for a slower ascent,\u201d he said.<\/p>\n

Magazine: <\/strong><\/em>How crypto laws changed in 2025 \u2014 and how they\u2019ll change in 2026<\/strong><\/em><\/a><\/p>\n