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Bitwise CIO Matt Hougan calls the Securities and Exchange Commission’s (SEC) new Project Crypto initiative a ‘generational opportunity’ that markets haven’t priced in, tipping Ethereum as a top beneficiary.
Project Crypto, announced last week in a speech by SEC Chair Paul Atkins, signals a significant shift in regulatory approach, aiming to integrate blockchain technology more deeply into financial markets. Hougan sees this as a catalyst that could accelerate adoption and innovation across the crypto ecosystem.
“I’ve long been bullish about the future of crypto…but after reading the speech, I’m realizing I have to think bigger—and move to a faster timeline,” Hougan wrote in a memo. “If it wasn’t priced in for me, I’m going to guess it wasn’t priced in for others.”
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
Ethereum And Layer-1 Blockchains The Top Opportunity
Ethereum and any other layer-1 blockchains that support stablecoins and tokenization are the “most obvious opportunity,” he said.
“It doesn’t take a genius to see it: If substantially all assets are going to move onto public blockchains, you want exposure to those blockchains,” he wrote.
He mentioned Coinbase, Robinhood and other “Super-Apps” as the second biggest opportunity in the market for investors, and said he believes decentralized finance (DeFi) applications is the “final opportunity that jumps off the page” from the SEC Chair’s speech.
Hougan described the Project Crypto initiative as the “most bullish document” he has read on crypto regulation.
“I can’t imagine reading the speech and not wanting to allocate a significant portion of your capital to crypto; or, if you work in finance, a significant portion of your career,” he said. “It’s like the chairman of the SEC took all the best ideas crypto supporters have been promoting for the past decade and packaged them in a single speech, along with details on how the SEC can actually make them happen.”
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