Washington's Crypto-Friendly Moves Are Just One Step Towards Unlocking Wall Street
Bitwise CIO Matt Hougan believes that Washington's recent crypto-friendly moves are just one step towards unlocking Wall Street for cryptocurrencies.
Hougan described the process as a million small steps, rather than a single landmark bill. He pointed to several recent developments, including the SEC's Regulation Crypto Assets proposal and President Donald Trump's support for the CLARITY Act.
The SEC proposal outlines a framework for certain crypto investment contracts with exemptions up to $75 million over 12 months. Hougan called this a good week for crypto, but noted that it will take dozens of weeks like this before institutions treat crypto rails as ordinary financial infrastructure.
Hougan's clearest illustration came from Bitcoin ETFs. The SEC approved spot Bitcoin ETP listings in January 2024, but large wealth-management platforms still needed to approve the products individually and clear internal sign-offs before adding them to model portfolios.
He expects crypto's broader regulatory unlock to move through the same layers as Bitcoin ETF access, taking roughly two and a half years for it to become genuinely true.