Bitwise CIO Matt Hougan says the crypto market can keep climbing even if the CLARITY Act doesn't pass. After rethinking the fallout from the bill's failure in the US Senate, Hougan now sees its impact as less dramatic than headlines suggest.

What Matt Hougan Said

Hougan explained, “I no longer see my previous scenario as the most likely. In fact, I think the failure of the CLARITY Act could turn out to be much less significant than today's headlines make it out to be.” In other words, he believes the market's bullish momentum could stick around, even without this legislative push.

Background

Hougan previously compared the CLARITY Act to Punxsutawney Phil, the groundhog Americans watch each year to predict how long winter will last. Now, he's softened his take on the Senate setback, saying the bill's failure might have only a limited effect on the market.

What This Means for Investors

Hougan's stance is a signal: the path of the crypto market isn't tied to a single regulatory decision. His comments shift the conversation away from the CLARITY Act and toward the bigger picture—crypto could keep running, no matter what happens to this bill.