The crypto industry must embed itself into everyday US finance if Congress fails to pass a market structure bill, or risk a major setback under a future administration, according to Bitwise.
Matt Hougan, chief investment officer at Bitwise, said pending legislation would lock in the current pro-crypto regulatory environment and reduce the risk of political reversal.
“If, at the end of three years, we’re all using stablecoins and trading tokenised stocks, we’ll get positive crypto legislation regardless of who is in charge,”
Hougan said, warning that operating on the fringes would leave the industry exposed.
The comments come as Senate Banking and Agriculture Committees work to advance a bill clarifying how the SEC and CFTC oversee crypto markets, a process delayed by efforts to secure bipartisan support.
Hougan said the bill’s fate would create two divergent market paths, with passage likely triggering a sharp rally driven by expectations for stablecoin and tokenisation growth.
If the bill fails, he said investors would demand proof of real-world adoption before rewarding prices, as crypto would otherwise rest on an unstable regulatory foundation.
Hougan added that while he remains optimistic Congress will act, the industry should prepare for a slower ascent if legislation does not pass.