2024

United

when

Investment firm Bitwise’s CIO, Matt Hougan, foresees the crypto sector benefiting as the United States approaches clear guidelines, poised to tap into the $20 trillion financial advisory market when legal uncertainties are resolved. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 The market is undervaluing the impact of Washington's changing attitude towards crypto. Despite the veto, imho we should already be at all-time highs. I wrote about this in my latest CIO Memo: "Washington Awakens: This Is What Alpha Looks Like."<a href="https://t.co/1ukDeCYNLs" target="_blank">https://t.co/1ukDeCYNLs</a> <a href="https://t.co/6bO3iIh2aY" target="_blank">pic.twitter.com/6bO3iIh2aY</a>— Matt Hougan (@Matt_Hougan) <a href="https://twitter.com/Matt_Hougan/status/1798016011771555947?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">June 4, 2024</a>
 </blockquote> 
 </div>
</figure> 
<a href="https://experts.bitwiseinvestments.com/cio-memos/washington-awakens-this-is-what-alpha-looks-like?/" target="_blank" rel="noreferrer noopener nofollow">Hougan has stated</a> that regulatory uncertainty has been the main factor that has limited the growth of financial advisors’ engagement with crypto assets in the last five years. Still, it also points out that there is a change in the legal framework that may result in increased adoption in the sphere of financial advisory services. 
Hougan envisions a future where a substantial portion of the $20 trillion in financial advisory assets will transition to crypto once regulators grant full access, drawing parallels to BlackRock’s entry into the market and anticipating further market expansion. 
Recent progress includes Democrats joining forces to repeal Staff Accounting Bulletin 121, the House approving the Financial Innovation and Technology for the 21st Century Act (FIT21) as a win for the crypto industry, and the Securities and Exchange Commission’s approval of spot Ether ETFs on May 23, signaling positivity. 
Even though Biden has recently vetoed the SAB 121 repeal, Hougan still sees great potential in the future of cryptocurrencies. He also notes that there are still issues to be solved, for example, the fate of the FIT21 in the Senate and the imminent release of spot Ether ETFs, but on balance, the trend is up. 
Hougan highlights the considerable growth potential in the crypto market, noting a lack of awareness among some individuals about its existence and potential. He believes that heightened awareness of crypto-related political developments will propel the market to new heights. 
Although the change in regulation has not been fully realized, Hougan remains positive about the future of the crypto market. He expects tangible actions in Washington and is confident that the market will continue to expand and create more opportunities for participants in the cryptosphere. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/05/31/trump-possibly-knew-about-ether-etf-approvals-bitwise-executive-claims/" target="_blank" rel="noreferrer noopener">Trump Possibly Knew About Ether ETF Approvals, Bitwise Executive Claims</a> 
</blockquote>

US Political Shifts May Open $20T Crypto Market: Bitwise CIO

The Crypto Times

Other articles published on Jun 5, 2024

Upbit Lists TAIKO Cryptocurrency

Dana Nikolic on eCheck-Compatible Crypto Platforms : Interview

BlockDAG’s Moonshot Keynote and X1 Miner Beta App Drive 20,000x ROI Projections, Outpacing SEI an...

Dmm Bitcoin to Launch a $320 Million Fundraising After Undergoing a Major Hack

Solana (SOL) Price Prediction for June 5

The Rise in BNB Stimulated the Whales! 5 Whales Bought This Altcoin, The Price Increased By 300 P...

Join our free newsletter for daily crypto updates!