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The landscape of the U.S. cryptocurrency market is on the verge of a significant transformation, according to Bitwise’s chief investment officer, Matt Hougan. Regulatory hurdles have long stifled the financial advisory industry’s engagement with cryptocurrency, keeping them from investing trillions from their $20 trillion sector. However, recent legislative and regulatory movements indicate a promising shift towards clarity.
Key developments include the House’s passage of the Financial Innovation and Technology for the 21st Century Act (FIT21) and the approval of spot Ether exchange-traded funds (ETFs) by the Securities and Exchange Commission. Despite a setback from President Joe Biden’s veto of the Staff Accounting Bulletin 121 repeal, Hougan remains optimistic, viewing these events as minor hurdles in a decade-long journey towards embracing crypto.
Hougan believes that with regulatory barriers diminishing, the potential for cryptocurrency integration into mainstream financial markets is immense. He suggests that this could lead to unprecedented market highs, driven by greater acceptance among financial advisors and Wall Street’s powerhouse firms.
