2024

United

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Trillion

<ul>
 <li>Potential Impact: Clear US regulations could inject $20 trillion into crypto, per Bitwise CIO.</li>
 <li>Regulatory Hurdles: A bitwise survey indicates that 64% of US financial advisors see regulatory uncertainty as a major barrier.</li>
 <li>Political Shifts: Changing attitudes in US politics towards crypto signal potential legislative advancements.</li>
</ul>
<p>Clear and friendly <a href="https://cryptonewsland.com/secs-ethereum-etf-approval-have-they-opened-pandoras-box-for-crypto-regulations/" rel="noopener noreferrer nofollow">crypto regulations</a> in the United States could be a huge boost to the crypto market, with potential cash flows worth tens of trillions of USD. Matt Hougan, Chief Investment Officer (CIO) of Bitwise, stated that the crypto space could benefit by at least $20 trillion if US regulators clear up the existing legal uncertainties.</p>
<p>His publication in The latest Bitwise survey shows that 64% of financial advisors in the US consider regulatory uncertainty to be the main barrier to greater crypto exposure in their portfolios.</p>
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   <p lang="en" dir="ltr">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. <br><br>I wrote about this in my latest CIO Memo: "Washington Awakens: This Is What Alpha Looks Like."<a href="https://t.co/1ukDeCYNLs" rel="noopener noreferrer nofollow">https://t.co/1ukDeCYNLs</a> <a href="https://t.co/6bO3iIh2aY" rel="noopener noreferrer nofollow">pic.twitter.com/6bO3iIh2aY</a></p>— Matt Hougan (@Matt_Hougan) <a href="https://twitter.com/Matt_Hougan/status/1798016011771555947?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">June 4, 2024</a>
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<p>Hougan explained that if <a href="https://cryptonewsland.com/blackrocks-spot-bitcoin-etf-surpasses-gbtc-in-holdings/" rel="noopener noreferrer nofollow">BlackRock’s move</a> into the world of crypto had a positive impact on the market, imagine if all of Wall Street accepted crypto as a normal part of the market. Hougan also highlighted the changing political attitudes in the US towards crypto. So far, crypto has been a partisan issue, with Republicans generally supporting it and Democrats showing resistance.</p>
<p>However, crypto advocates have worked hard to build political influence, ultimately paying off in legislative action. On May 8, 21 Democrats voted along with Republicans to repeal Staff Accounting Bulletin (SAB) 121, a controversial rule from the SEC that restricted large banks from holding crypto.</p>
<p>The Senate also followed suit, with 10 Democrats, including Senate Majority Leader Chuck Schumer, joining the GOP in supporting the repeal. This marks the first positive legislative action against crypto in US history.</p>
<p>Further momentum came on May 20, when 71 Democrats joined 208 Republicans in the House to pass the Financial Innovation and Technology for the 21st Century Act (FIT21), a comprehensive bill that provides key oversight to the Commodity Futures Trading Commission (CFTC) that is crypto-friendly. The SEC, led by Democratic appointee <a href="https://x.com/AlexanderGrieve/status/1793229184392704208" rel="noopener noreferrer nofollow">Gary Gensler</a>, approved a filing to list an Ethereum spot ETF, a move that few predicted.</p>
<p>Hougan also revealed that many investors outside the crypto space still do not fully understand the impact of these political changes. According to him if people understood the consequences of the changes in Washington D.C., the crypto market would be at a new all-time high.</p>
<p>However, Hougan also acknowledged that despite the changing political winds, there has been no real change in policy in the United States. The change in political attitudes in the US towards crypto brings a breath of fresh air to the industry, but regulatory challenges remain a factor that needs to be overcome.</p>
<p>If regulatory uncertainty can be removed, the potential for huge cash flows into the crypto market could become a reality. Investors who can see opportunities amidst this uncertainty may be at the forefront of making big profits.</p>
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<p>The post <a href="https://cryptonewsland.com/bitwise-cios-insight-clear-regulations-could-drive-20-trillion-to-crypto-market/" rel="noopener noreferrer nofollow">Bitwise CIO’s Insight: Clear Regulations Could Drive $20 Trillion to Crypto Market</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

Bitwise CIO’s Insight: Clear Regulations Could Drive $20 Trillion to Crypto Market

Crypto News Land

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