Bitcoin has fallen 21% this year, Ethereum is down 33%, and Solana has dropped 37%, according to Bitwise Chief Investment Officer Matt Hougan's latest CIO memo. Hyperliquid gained 72% in a single month over the same stretch, a divergence Hougan reads as a preview of what CLARITY Act passage would do to DeFi valuations relative to Bitcoin itself. The CLARITY Act would draw a formal line between SEC and CFTC jurisdiction over digital assets, replacing years of enforcement-led regulation with a statutory f ...