{"id":22055,"date":"2024-06-05T20:00:48","date_gmt":"2024-06-05T17:00:48","guid":{"rendered":"https:\/\/coinengineer.io\/?p=22055"},"modified":"2024-06-05T14:33:03","modified_gmt":"2024-06-05T11:33:03","slug":"political-shift-in-the-us-could-open-crypto-to-a-20-trillion-industry-bitwise","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/political-shift-in-the-us-could-open-crypto-to-a-20-trillion-industry-bitwise\/","title":{"rendered":"Political Shift in the US Could Open Crypto to a $20 Trillion Industry: Bitwise"},"content":{"rendered":"

Bitwise<\/a> chief investment officer Matt Hougan claims regulatory uncertainty is preventing the $20 trillion financial advisory industry from investing more in crypto.<\/p>\n

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.<\/p>\n

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.<\/p>\n

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.<\/p>\n

\u201cImagine how much of that $20 trillion would go into crypto if the biggest hurdle was removed.\u201d<\/p>\n

“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,\u201d he added.<\/p>\n

Hougan said a \u201cshift\u201d began last month when Democrats \u201cswitched sides to repeal Staff Accounting Bulletin 121 (SAB 121)\u201d 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.<\/p>\n

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.<\/p>\n

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

\u201cBut even this is a minor setback. \u201cWe have been sailing against the wind in crypto for a decade,\u201d he added.<\/p>\n

Hougan notes that there are many opportunities to capture \u201calpha\u201d in the crypto market, and that this opportunity has gone largely unnoticed by those \u201coutside the crypto bubble.\u201d<\/p>\n

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

\u201cIf people understood the implications of the change in Washington D.C., the crypto market would be at new record highs,\u201d he argued.<\/p>\n

“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 \u201cno policies have changed in Washington yet.\u201d<\/p>\n

\u201cThe tide has turned, but the water has not yet come. Wake me up when the movement starts.\u201d<\/p>\n

\n

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don\u2019t forget to follow us on our\u00a0Telegram,\u00a0<\/strong><\/a>YouTube<\/strong><\/a>,\u00a0and\u00a0Twitter<\/strong><\/a>\u00a0channels for the latest news and updates.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

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<\/p>\n","protected":false},"author":6,"featured_media":7746,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,7,2],"tags":[61,1149,4148],"class_list":["post-22055","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-market-analysis","category-news","tag-bitcoin","tag-bitwise","tag-crypto-industry"],"yoast_head":"\nPolitical Shift in the US Could Open Crypto to a $20 Trillion Industry: Bitwise - Coin Engineer<\/title>\n<meta name=\"description\" content=\"Bitwise chief investment officer Matt Hougan claims regulatory uncertainty is preventing the $20 trillion financial advisory industry from investing more in crypto.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/political-shift-in-the-us-could-open-crypto-to-a-20-trillion-industry-bitwise\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Political Shift in the US Could Open Crypto to a $20 Trillion Industry: Bitwise - 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