Bitwise's Matt Hougan dropped some clarity on why crypto pumped after the Clarity Act died.

TL;DR: The bill would've killed stablecoin rewards and slapped restrictions on exchanges. Its failure = bullish for infrastructure.

Market read it as regulatory relief. Exchanges can keep operating without new compliance headaches, and stablecoin yield products stay alive.

This is why we watch policy. Bills dying can be just as alpha as bills passing.