Author: Matt Hougan, Chief Investment Officer of Bitwise
Translation: AIMan@Golden Finance
Abstract:
This week, several cryptocurrency-supporting bills are advancing in Washington, marking a transformative era for cryptocurrencies, and this is a good thing.
Wondering why Bitcoin keeps breaking historical highs?
There are many reasons, including sustained demand from institutional investors and corporate finance departments. But one reason that hasn't received enough attention is that Washington is ushering in "Crypto Week," and over the next few days, you will see a plethora of headlines supporting cryptocurrencies.
I'm not making this up. On July 3, the U.S. House of Representatives released a report that was not widely covered but highly impactful, officially declaring the week of July 14 as "Crypto Week" and promising to advance three key cryptocurrency bills:
The GENIUS Act: Provides a clear regulatory framework for stablecoins.
The CLARITY Act: A comprehensive framework for the regulation of crypto assets.
The Anti-CBDC Surveillance National Act: Prohibits the creation of central bank digital currencies in the U.S.
The GENIUS Act has already passed in the Senate, and if it successfully votes through the House, it will be submitted to the President for signing, potentially becoming the first significant cryptocurrency legislation in U.S. history.
The CLARITY Act and the Anti-CBDC Act still require Senate approval, but the passage of either in the House would be a significant milestone.
Why This Is Significant for Cryptocurrencies
I firmly believe that the passage of U.S. legislation supporting cryptocurrencies will significantly promote the development of cryptocurrencies and reduce their future risks.
The impact on development is easy to understand and widely discussed. Clear cryptocurrency legislation will better incentivize large financial institutions to engage in the crypto space, bringing billions of dollars in investments to crypto assets and guiding trillions of dollars in traditional assets onto blockchain tracks. If you've ever wondered what would happen to cryptocurrencies if JPMorgan, BNY Mellon, and Nasdaq could freely participate in this space, the answer is about to be revealed.
But I believe the more significant impact of this legislation lies in the risk aspect and how it will change the way crypto assets are traded.
One of the biggest resistances facing cryptocurrencies is the continuous exposure of major failure cases: FTX, Luna, Three Arrows Capital, Genesis, Celsius, QuadrigaCX, BitConnect, Mt. Gox.
Each failure has hindered the development of the cryptocurrency industry and diminished investor confidence. Many of these failures stem from the lack of clear regulation in the cryptocurrency space.
Offshore exchanges like FTX, with their internal control failures and numerous audit loopholes, would not have grown if clear regulations allowed for safer versions to exist in onshore markets.
If large banks could custody crypto assets, investors would not shy away from cryptocurrencies due to custody issues.
If there were regulations like the GENIUS Act, Ponzi stablecoins like Luna would not have emerged at all.
Clearly, explicit rules cannot prevent all scandals; traditional finance is a testament to that. Clear rules did not stop Bernie Madoff's scheme, nor did they prevent the series of misconduct that led to Credit Suisse's collapse. But rules do help significantly.
One issue that deters investors from cryptocurrencies is the frequent large drops in Bitcoin and other crypto assets. Over the past 15 years, Bitcoin has been the best-performing asset globally, but it has also experienced seven drops of over 70%.
For professional investors, it is challenging to buy an asset that could plummet 70% due to an unexpected scandal in an unregulated offshore venue. With Washington reviewing these cryptocurrency bills, I believe the likelihood of such scandals occurring will significantly decrease.
The passage of strong cryptocurrency legislation will not eliminate market volatility. However, if these bills pass, I believe we will no longer see drops of over 70% in cryptocurrencies.
Why I Am Not Worried About the Political Future of Cryptocurrencies
When discussing cryptocurrency legislation, people often ask: Aren't you worried that the next government will reverse these achievements?
In short: No, I'm not worried.
Contrary to media reports, cryptocurrency is one of the few policy issues that has bipartisan support. The GENIUS Act passed the Senate with a vote of 68 to 30, with 18 Democratic senators voting in favor. This is one of the most bipartisan-supported bills to pass in the Senate during the 2025 congressional session. The reasons for bipartisan support are many, including the popularity of cryptocurrencies among young voters. But perhaps the most important reason is the support from the U.S. financial industry—traditionally a major donor to the Democratic Party, which is eager to capitalize on the growth and opportunities presented by cryptocurrencies.
This financial motivation is at the core of my belief that Washington's support for cryptocurrencies has long-term sustainability. As more investors and companies engage in the cryptocurrency space, it will become increasingly difficult for politicians to unite against it.
Think about it: today, almost all major financial institutions in the U.S. are engaged in cryptocurrency-related activities to some extent. If BlackRock, JPMorgan, Morgan Stanley, along with thousands of U.S. companies and millions of American citizens, have significant investments in the cryptocurrency space, it is hard to imagine politicians reversing this trend.
Institutional adoption of cryptocurrencies (including trading in crypto spot, futures, and derivatives)
Source: Bitwise Asset Management data (as of June 30, 2025)
In other words: once the genie is out of the bottle, it cannot be put back in. If these bills pass Congress during "Crypto Week" and are ultimately signed into law, we will enter a new era.
Cryptocurrencies are moving into the mainstream, risks are continuously decreasing, and Wall Street is making a significant push into this space.
No wonder we are at historical highs.
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