The recent developments in the United States politics suggest clearer rules are coming soon for crypto. This change can bring the $20 trillion financial advisory industry to the crypto market, helping everyone to gain some profit before the market prices appreciate.
The Bitwise investment head is expected to bang the crypto market with $20 trillion of Financial Advisory once the crypto rules are specified by the U.S. on legal uncertainties.
In a post on June 4 Matt Hougan, Bitwise’s chief investment officer stated that the introduction of foggy rules is the main reason behind the decreasing exposure of Financial advisors to the crypto market in the last 5 years.
Hougan thinks that finally, the U.S. is taking the initiative to clear the regulation and flood the crypto market with $20 trillion in funds from the Financial advisory industry. He stated:
Imagine, then, how much of that $20 trillion will go into crypto when the biggest barrier gets lifted.
If you think BlackRock’s move into the crypto space positively impacted the market, imagine if all of Wall Street accepted crypto as a normal part of the market,
Hougan stated that a change came when Democrats and Republicans worked together to revoke Staff Accounting Bulletin 121. Another change witnessed was when the Financial Innovation and Technology for the 21st Century Act (FIT21) passed by the House, which is seen as a victory in the crypto world.
On May 23, the Security and Exchange Commission passed spot Ethereum ETFs, when the world predicted it to be rejected. He added:
But even this is a minor setback. We’ve been sailing upwind for a decade in crypto.
Hougan Foresees Major Crypto Gains, Awaiting Policy Action
The Bitwise chief investment officer predicted big profits to discover in the crypto market. According to him, these profits did not get attention from the people outside the crypto community.
“If people understood the ramifications of the shift in [Washington D.C.], the crypto market would be at new all-time highs,” Hougan added
With the repeal of SAB 121 halted, FIT21 facing unlikely passage in the Senate before the November elections, and the approved spot Ether ETFs still pending launch, Hougan perceived that “no policies have changed in Washington yet.”
“The tide has changed, but the water hasn’t come in yet. Wake me up when the action happens.”
