Bitwise Maps the 4 Corners of Crypto That Won As CLARITY Act Stalled | Editor's Pick Regulation

Bitwise’s chief investment officer Matt Hougan says four corners of crypto have benefited as the U.S. Senate failed to advance the CLARITY Act. In a weekly memo dated September 30, Hougan cites stablecoins, exchanges, tokenization platforms, and buyback-driven tokens as the main winners, arguing regulators have moved farther than the bill would have. The CLARITY Act collapsed after a 49–50 Senate vote on September 15, short of the 60 votes needed. Hougan highlights Coinbase as a standout because it uses stablecoin rewards to attract customers, while pointing to protections from agency action rather than new legislation. He also notes SEC developments affecting tokenized stocks and buyback announcements.