If Crypto Week bills pass, ‘you can’t put the genie back in the bottle — crypto is going mainstream,’ says Bitwise CIO

With multiple pieces of pro-crypto legislation moving forward in D.C. over the coming days, "crypto will never be the same" again, according to Bitwise Chief Investment Officer Matt Hougan.While there are many reasons for bitcoin's recent all-time high rally, including "unrelenting demand" from corporations and institutional investors that is colliding with "severely limited supply," one that didn't get enough coverage is "Crypto Week" in Washington, D.C. with a lot of pro-crypto headlines expected over the next few days, Hougan said in a note to clients.On July 3, the U.S. House declared the week of June 14 "Crypto Week" and pledged to advance three key bills: the GENIUS Act to regulate stablecoins, the Clarity Act to define crypto asset market infrastructure rules, and the Anti-CBDC Act to ban a U.S. central bank digital currency. The GENIUS Act has already passed the Senate and could become the first major U.S. crypto law if approved by the House, while the other two still await Senate consideration.Why legislation matters for cryptoPassage of pro-crypto legislation in the U.S. could unlock significant growth for the industry, Hougan said. Clear rules would encourage major financial institutions to fully enter the space, bringing billions in investment and moving trillions of traditional assets onto blockchain rails. "If you've ever wondered what would happen to crypto if JPMorgan, Bank of New York Mellon and Nasdaq could build freely in the space, you're about to find out," he said.The laws would also help mitigate the industry's biggest risk: repeated, trust-destroying scandals, Hougan noted. From FTX to Luna, Celsius, and Mt. Gox, many of crypto's blow-ups stemmed from operating in unregulated, offshore markets without proper oversight, he said, adding that clear U.S. rules would make it harder for shady players to thrive and easier for investors to trust safe, regulated alternatives. While regulation won't erase volatility or prevent every scandal, it should dramatically lower the odds of another substantial drawdown caused by preventable failures — making crypto a far more investable asset class, he added. "If these bills pass, I doubt we will ever see a 70%+ drawdown in crypto again."Crypto is more bipartisan than people thinkHougan is not worried that future administrations will undo any progress on crypto legislation either. Despite how it's often portrayed, crypto has emerged as a rare area of bipartisan support in Washington, he argued. The GENIUS Act, for example, passed the Senate with a strong 68–30 vote, including support from 18 Democrats, making it one of the most bipartisan bills of 2025.This cross-party backing stems partly from crypto's popularity among younger voters, but even more from Wall Street's growing embrace of the industry, Hougan explained — traditionally a leading funder of the Democratic Party. With major institutions like BlackRock, JPMorgan, and Morgan Stanley already deeply invested in crypto, and millions of Americans holding stakes, the political incentives now favor supporting its growth, and as more of the financial system and electorate are tied to crypto, it becomes increasingly unlikely that lawmakers will reverse course, he said."In other words: You can't put the genie back in the bottle. If these bills pass through Congress during Crypto Week and eventually get signed into law, we've entered a new era," Hougan concluded. "Crypto is going mainstream, risk is being reduced, and Wall Street is moving into the space in a big way. No wonder we’re at all-time highs."Bitcoin is currently trading for $116,949, according to The Block's BTC price page, while Hougan projects it to end the year closer to $200,000.Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.