Crypto Market Surges on Regulators' Favorable Stance
The failure of the CLARITY Act in the U.S. Senate led to an unexpected surge in the crypto market, according to Bitwise's Chief Investment Officer Matt Hougan.
Hougan stated that after the vote, regulators intervened with actions more supportive of cryptocurrencies than what the bill proposed.
The main beneficiaries of this development include stablecoins, as the GENIUS Act remains in effect and does not restrict exchanges from offering rewards for holding stablecoins. Coinbase benefited the most from this setup, using rewards to attract customers.
In addition, the SEC approved limited trading of tokenized stocks just two days after the CLARITY Act's failure, which allowed platforms like Securitize to benefit from tokenizing funds for major companies such as BlackRock and KKR.