Bitwise CIO says crypto will advance even if Clarity Act misses Senate deadline

Crypto markets will continue advancing even if Congress fails to pass the Clarity Act before the Senate’s August recess, according to Bitwise Chief Investment Officer Matt Hougan. In a Tuesday report, Hougan described this week as a critical period for the legislation, which seeks to establish a comprehensive US regulatory framework for digital assets and divide oversight responsibilities between the Securities and Exchange Commission and the Commodity Futures Trading Commission. Hougan said senators would need to file for cloture by Wednesday for the bill to have a realistic chance of receiving a vote before lawmakers leave Washington. The Senate’s official schedule currently lists a state work period from August 10 through September 11. Public Senate floor updates through Wednesday afternoon showed cloture filings for government funding legislation, a college sports bill, and several nominations, but did not list a filing for the Clarity Act. The bill could still return for consideration later in the year. Hougan said the best outcome for the industry would be for Congress to pass the legislation, which he expects would support a new crypto bull market. However, he argued that mi...