Bitwise CIO adjusts outlook on CLARITY Act, suggests crypto bull market may not require legislation

Bitwise Chief Investment Officer Matt Hougan has revised his outlook on the CLARITY Act (US digital-asset market-structure bill) after it failed to meet the 60-vote threshold in the Senate. Despite the bill's setback and a decline in Polymarket's passage probability, Bitcoin's price has continued to rise, suggesting the current bull market is not dependent on legislative success. Hougan noted that institutional moves by firms like Robinhood, Morgan Stanley, and DTCC indicate that Wall Street is advancing regardless of regulatory clarity, though he maintains that congressional legislation remains the only path to permanent regulatory certainty.