Bitwise Maps the 4 Corners of Crypto That Won As CLARITY Act Stalled

Bitwise Chief Investment Officer Matt Hougan argues that the failure of the U.S. Senate's Clarity Act has paradoxically accelerated regulatory progress for the crypto industry. By failing to pass, the bill avoided restrictive measures that would have limited stablecoin yield payments and hindered the integration of exchange and brokerage services. Hougan highlights that the SEC has since provided more direct guidance, such as a five-year exemption for tokenized U.S. stocks, which benefits platforms like Securitize and the BlackRock BUIDL fund. This shift allows for faster innovation compared to the multi-year study period the Clarity Act would have mandated. Furthermore, recent SEC guidance regarding buyback announcements on functional networks provides immediate clarity that the proposed legislation would have delayed. While these gains currently rely on agency-level actions rather than permanent law, Hougan views the outcome as a net positive for market participants. The performance of assets like NEAR Protocol, which rose 126.62% following the vote, underscores the market's positive reaction to these regulatory developments.