Bitwise: The lack of progress on the CLARITY Act benefits four types of cryptocurrency businesses

Bitwise Asset Management Chief Investment Officer Matt Hougan stated that after the Senate did not advance the CLARITY Act, stablecoin platforms retain the space to offer balance rewards to customers, and exchanges like Coinbase continue to hold the advantages of existing state-level licenses and the integration of trading and brokerage services.

The U.S. Securities and Exchange Commission (SEC) has issued a five-year exemption for tokenized stock trading, allowing eligible platforms to test using licensed automated market makers and liquidity pools. Hougan listed Securitize, which will serve tokenized funds for BlackRock, Apollo, and KKR, as a beneficiary. SEC staff updated the token buyback guidelines, stating that for networks that are functional and do not have a centralized party, buyback announcements do not constitute a commitment relied upon by buyers for expected profits; this guideline does not have legal effect.