According to external sources, Trump is expected to meet with a number of encryption executives in the White House this week. The timing of the meeting coincided with the passage of the United States Encrypted Market Structures Act, the CIATY Act card in the Senate, and the market's expectations for its adoption during the year were declining.

Discussion focus or point to monetization

According to Matt Hougan, Chief Investment Officer of Bitwise Assembly Management, the White House has not yet published an official agenda, but the focus of the discussion is likely to be on the monetization of the list of expected participants. In addition to the encrypted trading platform, traditional market institutions such as the Chia Chamber, the Intercontinental Exchange and the United States Deposit and Settlements Corporation were considered to be involved.

According to Hougan, transactions are moving from fixed time to full-day operations, a change that affects not only encrypted assets but also the broader financial market structure. He mentioned that the market was moving from traditional calendar futures to permanent contracts and that the way in which the transaction took place was itself changing.

The DeFi project is seen as a larger beneficiary

In his view, it's better than TT's as a whole. The reason for this is that bitcoin would normally benefit as long as the United States Government continued to release signals in support of the encryption industry as the most marketable encryption asset.

However, Hougan believes that it is not bitcoin that deserves more attention than DeFi applications and chain infrastructure, including networks such as Uniswap, Hyperliquid and Chainlink.

His core judgement was that the current valuation of the projects was more based on the services encryption market. According to him, the encryption market was about $2 trillion in size, but if the monetization continued to expand, those agreements could reach a larger traditional asset market in the future.

  • Global stock market size is about $15 trillion.
  • The global bond market is close to $20 trillion.
  • The potential service scope of the agreement may be expanded accordingly

Hougan stated that once the monetization covered more stock and bond transactions, investors ' judgement of the size of the market in which these agreements could serve could also be adjusted. He also mentioned that Bitwise had launched an ETF product related to Hyperliquid, and noted that Solana had already carried a significant portion of the monetized stock activity, and therefore potential Solana ETF was also of concern.

Weak expectations passed during the year.

With regard to the schedule for Clarity Act, Hougan stated that it was clear that the encryption industry wanted the bill to land before the mid-term election, as the industry preferred to rely on written law rather than waiting for the US SEC to adjust its regulatory profile.

But he is not optimistic about moving forward. He mentioned that Polymarket currently offers a probability of passing by about 20 per cent during the year. In his view, if the bill was finally passed, the encryption industry would enter a different market environment; if it was not adopted, the United States Securities Commission and the Commodity Futures Trading Commission might continue to move the policy forward, respectively.