Bitwise Asset Management Chief Investment Officer Matt Hougan said four parts of the crypto market stand to benefit after the U.S. Senate did not move forward with the CLARITY Act on Sept. 15. In his view, stablecoin platforms still have room to offer balance rewards to customers, while exchanges such as Coinbase keep the advantage of operating under existing state-level licenses and combining trading with brokerage services. Hougan also pointed to a Sept. 17 move by the U.S. Securities and Exchange Commission, which issued a five-year exemption for tokenized stock trading. Eligible platforms can test permissioned automated market makers and liquidity pools under that framework. He additionally named Securitize, which services tokenized funds for BlackRock, Apollo, and KKR, as a beneficiary. Separately, SEC staff updated token buyback guidance on Sept. 28, saying that for networks that are already functional and lack a centralized party, a buyback announcement does not amount to a promise on which purchasers would rely for an expectation of profit. The staff guidance does not carry legal force.
Bitwise Asset Management Chief Investment Officer Matt Hougan said four crypto business lines remain in a favorable position after the U.S. Senate did not advance the CLARITY Act on Sept. 15.
Hougan said stablecoin platforms still retain room to offer balance rewards to customers. He also said exchanges including Coinbase continue to benefit from existing state-level licenses and from combining trading and brokerage operations.
SEC actions were cited as part of the case
On Sept. 17, the U.S. Securities and Exchange Commission issued a five-year exemption for tokenized stock trading. Platforms that meet the conditions can test permissioned automated market makers and liquidity pools under the exemption.
Hougan also identified Securitize as a beneficiary. The company provides services for tokenized funds from BlackRock, Apollo, and KKR.
Separately, SEC staff updated guidance on token buybacks on Sept. 28. For networks that are already functional and do not have a centralized party, a buyback announcement does not constitute a promise that purchasers would rely on for an expectation of profit. The guidance does not have legal effect.
Bitcoin.com News reported the remarks.
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