Gracy Chen, CEO of exchange Bitget, took a more cautious view of whether the vote will move market activity to Asia.
“I wouldnt look at it as volume suddenly moving from the U.S. to Asia because of one vote,” she said. “Crypto is inherently a global market, and traders will continue to go where they can find the products, liquidity and access they need.”
The vote extends uncertainty around U.S. market structure and the treatment of digital assets, Chen said. But Bitgets plans to enter the country with the appropriate licenses and structure do not depend on the bill passing, she added.
For Matt Hougan, chief investment officer at Bitwise Asset Management, the failed vote is more of a speed bump than a roadblock.
“It would have been better if it had passed,” Hougan said. “With it failing, I think the road ahead is bumpier. But the trend is still good, and I don‘t think it’s changed too much from where it was Monday, before the vote.” He said that there are still two and a half years left in President Donald Trumps pro-crypto administration, and a lot can still happen.
Hougan said he does not expect the result to stop investors from considering smaller digital assets with strong token economics and links to real-world assets.