Crypto:
30205
Bitcoin:
$68.322
% 1.49
BTC Dominance:
%54.1
% 0.32
Market Cap:
$2.48 T
% 1.89
Fear & Greed:
72 / 100
Bitcoin:
$ 68.322
BTC Dominance:
% 54.1
Market Cap:
$2.48 T

Political Shift in the US Could Open Crypto to a $20 Trillion Industry: Bitwise

Spot Bitcoin Etf Blackrock

Bitwise chief investment officer Matt Hougan claims regulatory uncertainty is preventing the $20 trillion financial advisory industry from investing more in crypto.

The chief investment officer at crypto asset manager Bitwise has stated that the crypto space could be exposed to trillions of dollars in the financial advisory industry once US regulators clear up regulatory uncertainties.

Regulatory uncertainty is the main reason financial advisors have not increased their exposure to crypto over the past five years, Bitwise chief investment officer Matt Hougan wrote in a June 4 post.

Hougan thinks the U.S. is finally moving toward regulatory clarity, which could open the door to the country’s $20 trillion financial advisory industry.

“Imagine how much of that $20 trillion would go into crypto if the biggest hurdle was removed.”

“If BlackRock’s entry into the crypto space had a positive impact on the market, imagine what would happen if all of Wall Street accepted crypto as a normal part of the market,” he added.

Hougan said a “shift” began last month when Democrats “switched sides to repeal Staff Accounting Bulletin 121 (SAB 121)” and the House passed the Financial Innovation and Technology for the 21st Century Act (FIT21) and crypto He stated that this development was considered as a gain in the industry.

The Securities and Exchange Commission (SEC) approved spot Ether (ETH) exchange-traded funds (ETFs) on May 23, after months of analysts predicting they would be turned down.

Hougan claimed that President Joe Biden’s veto of the repeal of SAB 121 shows that “crypto still has a long way to go.”

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“But even this is a minor setback. “We have been sailing against the wind in crypto for a decade,” he added.

Hougan notes that there are many opportunities to capture “alpha” in the crypto market, and that this opportunity has gone largely unnoticed by those “outside the crypto bubble.”

He says he continues to see people’s eyes become “dull” when he talks about crypto-related political developments at conferences.

“If people understood the implications of the change in Washington D.C., the crypto market would be at new record highs,” he argued.

“With the SAB 121 repeal vetoed, FIT21 unlikely to pass the Senate before the November election, and approved spot Ether ETFs yet to be launched, Hougan acknowledged that “no policies have changed in Washington yet.”

“The tide has turned, but the water has not yet come. Wake me up when the movement starts.”


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