The US Senate recently rejected the Digital Asset Market Clarity Act in a 49 to 50 vote, failing to reach the 60-vote threshold needed to advance the bill. Despite this, Bitwise CIO Matt Hougan suggests the market remains resilient.
Data from Bitwise shows Bitcoin rose from $57,950 on July 1 to over $80,000 by September 4. During this same period, Polymarket odds for the bill passing dropped from 39% to 18%, indicating market independence from the legislation.
Major financial institutions continue to expand their crypto presence. Robinhood launched its blockchain mainnet in July, Morgan Stanley introduced Ethereum and Solana exchange-traded products, and the DTCC completed trades with tokenized securities.
Regulatory focus now shifts to the SEC and CFTC. The SEC recently approved a temporary Innovation Exemption for onchain trading of tokenized stocks, while the CFTC remains prepared to implement market structure rules using existing authority.
