TLDR
- SEC Chair Paul Atkins’ speech on blockchain integration could boost crypto growth.
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Bitwise’s Matt Hougan sees huge opportunities in DeFi, blockchains, and super apps.
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Hougan believes the SEC’s new vision will bring more clarity to the crypto market.
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SEC’s Project Crypto may offer a roadmap for blockchain-based financial markets.
Matt Hougan, Chief Investment Officer at Bitwise, has suggested that investors may be underestimating the recent pivot by the U.S. Securities and Exchange Commission (SEC) toward crypto. He believes this shift, led by SEC Chairman Paul Atkins, has not been fully factored into current market valuations.
Atkins, in his July 31 speech to the America First Policy Institute, presented a vision of how blockchain technology could become integrated into the broader financial system. Hougan, caught by surprise after reading the speech, said it could mark a new era for the digital asset market.
“This is the most bullish document I’ve read on crypto,” Hougan remarked. He explained that Atkins’ speech provides a roadmap for future crypto regulations and could signal massive growth for the industry.
US SEC Shift Toward Blockchain and Digital Assets
In his speech, SEC Chairman Paul Atkins outlined plans to integrate blockchain into traditional financial markets. This includes making all types of assets, from stocks to bonds, available on public blockchains. He emphasized that the SEC is working on reforms under a project called “Project Crypto,” which aims to clarify regulations and reduce barriers for digital assets.
I wrote my CIO Memo this week on SEC Chair Paul Atkins' "Project Crypto." There's a lot to say — I'll post more tomorrow — but one thing is this: It's not priced in. pic.twitter.com/K8XYLpmsnC
— Matt Hougan (@Matt_Hougan) August 5, 2025
Bitwise CIO Matt Hougan believes Atkins’ stance could significantly change the regulatory landscape for crypto assets. The SEC’s willingness to accommodate blockchain technology represents a clear departure from its prior enforcement-heavy approach. As Hougan put it, Atkins’ vision “packaged all the best ideas crypto supporters have been promoting for the past decade.”
With these developments, Hougan sees a significant potential for growth in the market, particularly for assets such as Ethereum, Solana, and other blockchain projects that could play a pivotal role in the transformation of financial markets.
Opportunities in DeFi and Blockchain Infrastructure
Hougan sees opportunities arising in decentralized finance (DeFi) and blockchain infrastructure as the SEC’s regulatory changes unfold. DeFi platforms, which have long operated in a regulatory gray area, could now thrive under clearer regulations.
Atkins’ speech highlighted the SEC’s interest in DeFi, suggesting that these platforms could soon operate under more favorable conditions. The Bitwise CIO noted that with clearer regulations, platforms like Uniswap and Aave could see explosive growth.
Moreover, Hougan pointed to blockchain technology itself, especially Layer 1 blockchains, as prime investment opportunities. “If substantially all assets are going to move onto public blockchains, you want exposure to those blockchains,” Hougan explained. Ethereum, in particular, is well-positioned to benefit as it supports stablecoins and tokenization on a public blockchain.
Super Apps and the Future of Financial Services
Another key point in Atkins’ speech was his vision for “super apps” – platforms that integrate a wide range of financial services, including trading, lending, and asset management. Hougan sees this as a major growth area, especially for companies like Coinbase and Robinhood that have already embraced this model.
Atkins suggested that these super apps could reshape the financial services landscape, with the potential for one company to become the largest in the sector, possibly surpassing $1 trillion in valuation. Hougan believes that these companies, with the right regulatory clarity, could dominate the financial world in the coming years.
“Coinbase and Robinhood are two companies that could grow significantly,” Hougan remarked. He added that Atkins’ roadmap could help these companies expand their service offerings without the burden of multiple licenses and regulatory hurdles.
SEC’s Vision Could Reshape the Future of Crypto Markets
Overall, Bitwise CIO Matt Hougan sees a clear path for the growth of the crypto market as the SEC’s position evolves. With Project Crypto and other regulatory reforms, blockchain technology could become integral to the financial system.
The new clarity on DeFi and blockchain-backed financial products could create new investment opportunities, offering massive growth potential for those who position themselves accordingly.
As the SEC shifts its stance on crypto, Hougan encourages investors to think bigger and move faster. “If it wasn’t priced in for me, I’m going to guess it wasn’t priced in for others,” he concluded. The changes in SEC policies, driven by Atkins’ leadership, could mark a defining moment in the integration of digital assets into mainstream financial markets.
