Bitwise CIO Matt Hougan Adjusts His Crypto Outlook After the Senate Vote. Here's What He Changed

Bitwise CIO Matt Hougan adjusted his crypto outlook after a key Senate vote on the CLARITY Act. In a memo referencing the failure of the bill as akin to crypto’s “Punxsutawney Phil,” Hougan suggested the sector could face prolonged stagnation. The CLARITY Act was defeated on September 15, 2026, 49–50. The next day, he withdrew the earlier warning, portraying the result as a “speed bump” rather than a major obstacle—an update that drew media attention. Bitcoin fell about 4%, Ether 5.2%, and XRP 7.3% immediately after the vote, while Hougan pointed to a lack of correlation between declining odds and price declines. Bitwise also laid off 14% of staff in 2026, amid industry-wide job cuts. Meanwhile, Bitcoin rebounded from around $57,950 on July 1 to over $80,000 by September 4, up 38%.