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The $2.8 trillion crypto market could hit turbulence this summer if lawmakers sitting in Washington D.C. do not rush to pass critical regulatory bills, warns Bitwise Chief Investment Officer Matt Hougan.
Despite Bitcoin (BTC) hitting its ATH and promising White House policies, even a single bill getting passed will ensure political backing of cryptocurrencies.
Trump’s Pro-Crypto Push at Risk
In a recent blog post, Hougan praised the Trump administration’s crypto-friendly moves, including a strategic Bitcoin reserve plan, a national priority, and reversing restrictive SEC guidelines like SAB 121.
High-profile appointments, such as Paul Atkins as SEC Chair and David Sacks as the White House’s “crypto and AI czar,” have further fueled optimism. However, Hougan cautioned that these executive actions lack permanence without Congressional backing.
Who can Derail Crypto? Hougan Answers!
Hougan is often asked by people about how crypto can lose its track. “People can derail crypto. More preciously, the Politicians could derail crypto,” he wrote, highlighting the need for bipartisan legislation to lock in progress.
Stablecoin Bill Hits a Wall
The GENIUS Act, a stablecoin bill, emerged as a key focus but faltered in May 2025, which was also backed by Coinbase’s CEO Brian Armstrong, earlier. Why is it stuck? 9 Democrats have withdrawn their support, citing AML, KYC concerns.
Hougan suggested this reversal reflects political maneuvering rather than policy defects, warning that industry efforts to bundle stablecoin rules with broader market reforms risk stalling progress. “This is the perfect example of the enemy of the good,” he noted.
Why It Matters for Bitcoin and Altcoins
Hougan remains bullish on crypto’s long-term outlook, predicting new all-time highs for Bitcoin, Ethereum (ETH), and Solana (SOL). Yet, without a stablecoin framework or market structure law, institutional investors may hesitate, amplifying volatility.
The Bottom Line
The crypto market’s fate hinges on Washington’s next moves. If Congress passes even one bill, Hougan believes “the bull market will be unstoppable.” But inaction could spark a summer slump, testing Bitcoin’s resilience.