BlockBeats News, January 28th, Bitwise Chief Investment Officer Matt Hougan pointed out that as industry support for the Clarity Act wavers, the crypto market is at a critical juncture. With the Coinbase CEO stating that the draft bill is “dead on arrival” and withdrawing support, the probability of the bill passing has dropped from 80% to 50%. He warned that if the bill fails, the industry will enter a “prove-it period,” needing to make stablecoins and tokenized assets as “critical” in the real economy as Uber and Airbnb within the next three years to force regulatory concessions; otherwise, once the Washington winds shift, it will face disastrous consequences.
Hougan also mentioned that gold breaking $5000 displayed a fiat system trust crisis, but this has not fully translated into upward momentum for the crypto market, mainly due to regulatory uncertainty. (CoinDesk)
