Matt Hougan of Bitwise argues that regulatory guidance from the SEC and CFTC would keep the crypto industry moving even if Congress fails to pass market structure legislation this year. The statement comes as lawmakers continue to debate the bill, with no clear timeline for a vote.
The regulatory gap
Congress has been working on market structure legislation for months, but progress has been slow. Hougan's view suggests that agency guidance could fill the void. He points to the SEC and CFTC as bodies that can provide the clarity businesses need to operate without waiting for a full legislative package.
Why guidance matters
Clear rules from the SEC and CFTC can help crypto firms navigate compliance, reduce legal uncertainty, and foster innovation. Without either legislation or guidance, the industry risks regulatory fragmentation and a patchwork of enforcement actions. Hougan's argument is a vote of confidence in the agencies' ability to act.
What's at stake
The crypto industry has been pushing for a comprehensive regulatory framework. If Congress stalls, the burden falls on the SEC and CFTC to issue formal guidance. Hougan believes that's enough to keep the sector moving forward. The timing isn't great — the industry has faced scrutiny over the past year, and any clarity is welcome.
Next steps
It's unclear when Congress might act on the market structure bill. Meanwhile, the SEC and CFTC have been active in issuing statements and enforcement actions. The industry will watch for any formal guidance from either agency. Hougan's remarks add to the growing conversation about how to regulate crypto without waiting for lawmakers.
