CLARITY法案の遅延は結局、仮想通貨の流通を止めないかもしれない

Hougan: The Bill Matters Less Than Ending the Uncertainty

The Digital Asset Market Clarity Act is running out of time. The bill does not have the time to clear the Senate floor before the August 8 recess, and even if it does, it may be confined to the last possible moment. But Bitwise Chief Investment Officer Matt Hougan argues that a stall is not necessarily the end of the road for the industry.

Hougan says the CLARITY Act's fate matters less than ending the uncertainty around it. He argues that crypto can survive the bill failing, but cannot thrive in regulatory limbo. With the Senate gridlocked, he points to the SEC as an alternative source of forward momentum.

Hougan has suggested that investors may be underestimating the recent pivot by the SEC toward crypto, and believes this shift, led by SEC Chairman Paul Atkins, has not been fully factored into current market valuations. Atkins published a speech on July 31 at the America First Policy Institute laying out how blockchain will be integrated into financial markets. Hougan has described the SEC's new direction as potentially more crypto-friendly than anything Congress has produced so far.

CLARITY法案の現状

The CLARITY Act would create a federal rulebook for issuing, trading, and holding digital assets, dividing oversight between the SEC and the CFTC, and defining how decentralized-finance developers and protocols would be treated. The House passed it in July 2025 by a vote of 294 to 134, with 78 Democrats joining every Republican who voted. The Senate Banking Committee approved a revised text in May 2026 by a 15-9 vote.

Despite that progress, the bill remains stuck. 上院民主党は、トランプ大統領の暗号資産保有に関連する倫理的保護措置が盛り込まれない限り、この法案を阻止する意向を示している。 スティフェルのワシントン政策担当チーフストラテジスト、ブライアン・ガードナー氏は、この法案は「おそらく7月末までに上院を通過する必要がある」とし、8月の休会期間を逃せば、成立の見込みは「著しく悪化する」だろうと述べた。

Hougan acknowledges the stakes. He has cautioned that crypto's progress remains fragile unless Congress codifies regulatory clarity into law, noting that supportive executive measures from the Trump administration could be undone by future leaders. Still, he sees the SEC's posture under Atkins and traditional finance's deep integration with blockchain as reasons why the industry does not need to wait on Capitol Hill to keep moving forward. Prolonged uncertainty, however, remains the one scenario he warns could delay meaningful institutional adoption.

ソース：
Yahoo Finance: Crypto Can Survive CLARITY Failure, But Not the Wait: Bitwise CIO
Forbes: Crypto's Landmark CLARITY Bill Is Running Out of Time
CoinTelegraph: SEC's Crypto Pivot Has 'Not Been Priced In,' Bitwise Exec Says