Bitwise Chief Investment Officer Matt Hougan had previously said he didn’t expect the crypto industry to lose momentum even if the long-anticipated Clarity Act doesn’t pass the US Senate before its summer recess.

Although he feels congressional approval would lend legitimacy to digital assets, Hougan states that the industry is past the point of needing only congressional approval for regulatory progress to be made.

Given that the Senate would go into its summer break from August 10 until September 11, it left just a small window to have the Senate pass the Clarity Act before its legislative break.

As a result, the deadline has become a focal point for the digital asset industry, with many…