Bitwise CIO Hougan Revises Clarity Act Outlook, Says Crypto Bull Market May Continue Without Legislation

Hougan's revision matters because it decouples the crypto bull case from US legislative progress, a narrative that has underpinned institutional positioning for much of this cycle. If a prominent CIO is willing to say the market can advance without the Clarity Act, that shifts the burden of proof onto price action itself rather than policy catalysts. The open question is whether other institutional voices follow, or whether Hougan remains an outlier.