Bitwise Chief Investment Officer Forecasts a Crucial 3-Year Period for Crypto if the Clarity Act Does Not Pass

The Clarity Act, approved by the US House in July 2025, is still under review in the Senate as of January 2026. Bitwise CIO Matt Hougan warns of a critical three-year "show me" period for the US crypto market if the Act does not pass. He suggests that the industry's future growth would rely more on real-world adoption rather than policy expectations and compares this situation to the early years of Uber and Airbnb. Without the Act, the industry would need to demonstrate large-scale adoption of use cases such as stablecoins, tokenized securities, and blockchain-based financial infrastructure. Meanwhile, Coinbase's decision to withdraw support for the Act has caused friction within the industry, with allegations that CEO Brian Armstrong is protecting Coinbase's stablecoin yield business from increased competition.