Bitwise CIO Hougan revises Clarity Act outlook, says crypto bull market may continue without legislation

Bitwise Chief Investment Officer Matt Hougan has revised his market outlook following the failure of the Clarity Act in the U.S. Senate. The legislation received 49 votes in a procedural vote, falling short of the 60 required to advance. While Hougan had previously cautioned that the bill's defeat could trigger six weeks of difficult market conditions, he now believes the broader crypto bull market can continue without comprehensive congressional legislation. Hougan highlighted that Bitcoin surged above $80,000 in early September even as Polymarket odds for the bill's passage fell from 39% to 14%, showing price action decoupled from legislative progress. Furthermore, institutional Wall Street adoption has continued unchecked, highlighted by initiatives from Robinhood, DTCC, and Morgan Stanley launching a Solana ETF, supported by a favorable regulatory leadership team at the SEC and CFTC in place through 2029. Following the vote, Bitcoin dropped approximately 4% alongside broader macro concerns involving interest rates and oil. While Hougan noted near-term speed bumps and regulatory rulemaking delays, he maintains a positive medium-term trajectory for crypto markets.