Matt Hougan, Chief Investment Officer of Bitwise Asset Management, warned that if the Clarity Act does not pass the Senate, the United States cryptocurrency market could face a significant three-year crisis. The bill, which cleared the House in July 2025, is currently under discussion in a Senate committee focusing on investor protections and regulatory provisions. Hougan stressed that without legislative clarity, the crypto sector must prove its indispensability to everyday Americans and the traditional financial system. He warned that a lack of clarity could render the current pro-crypto regulatory environment vulnerable to future policy shifts.
Hougan also urged the industry to demonstrate real adoption of technologies such as stablecoins and tokenized securities. The situation is reminiscent of the initial regulatory challenges faced by Uber and Airbnb. The industry is also seeing rising tensions; Sitron Research accused Coinbase CEO Brian Armstrong of opposing the bill to protect business interests, a move that followed Coinbase’s withdrawal of support. These developments underscore the broader regulatory pressure and uncertainty facing the sector.
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