Bitwise Evaluates Clarity Act's Failure as a Speed Bump

The Clarity Act, a bill aimed at structuring the U.S. digital asset market, was defeated in a Senate procedural vote, but Bitwise stated that it does not see this as an obstacle. Bitwise's Chief Investment Officer (CIO) Matt Hogan analyzed that the price of Bitcoin and the expectations for the bill's passage moved in opposite directions, asserting that the main variables for the market in the future should be sought in the rule-making by the SEC and CFTC. Hogan assessed the Senate vote failure of the Clarity Act as a 'speed bump' and revised the previous outlook that the digital asset bull market could stagnate. On the 15th, the Senate voted on the Clarity Act (H.R.3633) with 49 votes in favor and 50 against, resulting in its defeat. Bitcoin rose from $57,950 on July 1 to over $80,000 on September 4, but the probability of the Clarity Act passing dropped from 39% to 18%. Immediately after the vote, Bitcoin fell by 3.7%, Ethereum by 5.2%, and XRP by 7.3%. Hogan emphasized the expansion of digital asset businesses by traditional financial firms and noted that the rule-making by the SEC and CFTC could be favorable for the digital asset industry. He added that attention should be paid to the rule proposals from the SEC and CFTC as future regulatory variables.

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