SEC’s latest crypto rules only open a few of Wall Street’s ‘million doors’ - Bitwise CIO Matt Hougan

Bitwise CIO Matt Hougan doesn't think Washington's crypto-friendly turn is the moment that completely unlocks Wall Street.

In an interview with CryptoSlate, he described the real barrier as something far less dramatic than a single landmark bill. The “brutal real answer” is that it comes down to a million small steps, and some of them are deeply unsexy.

The SEC unveiled its Regulation Crypto Assets proposal on Aug. 18, describing a fit-for-purpose framework for certain crypto investment contracts with exemptions reaching up to $75 million over 12 months.

A day later, President Donald Trump used a White House crypto event to push the CLARITY Act. He said CFTC Chair Mike Selig was working to bring Hyperliquid into the U.S. in a fully compliant, legal way.

A good week for crypto that is only the start

Hougan called this stretch a good week, pointing to the SEC proposal, the Hyperliquid comments, and a Financial Accounting Standards Board proposal. That FASB project could clarify whether certain stablecoins qualify as cash equivalents.

He argued that the industry needs to stack dozens of weeks like this one before institutions treat crypto rails as ordinary financial infrastructure.

Hougan's clearest illustration came from Bitcoin ETFs. The SEC approved spot Bitcoin ETP listings in January 2024, and the initial reaction assumed the door had opened for everyone.