SEC Is 'Ready, Willing And Able' To Replace CLARITY Act If It Fails, Bitwise's Matt Hougan Says
Key takeaways
- The SEC is ready to step in with rule-making if the CLARITY Act fails, and crypto will continue to progress regardless.
- 27%: Polymarket's current odds of passage
- 82%: Polymarket's odds of passage in February
- 423-4: The House's vote on telecom reform in 1994
What happened
Bitwise's Matt Hougan says the SEC is ready to step in with rule-making if the CLARITY Act misses its deadline, and argues that crypto will continue to progress regardless.
Why it matters
The CLARITY Act's failure could lead to prolonged uncertainty, which is worse for markets than a clean failure, as professional investors sit on the sidelines waiting for resolution.
Short-term and longer-term
Short-term. Even when the longer story is the point, the next day or two still matter for SEC.
Longer-term. The industry's continued progress despite the CLARITY Act's uncertainty suggests that the genie is already out of the bottle, and that no future regulator can reverse crypto's progress.