According to CoinMeta, Matt Hogan, the Chief Investment Officer of Bitwise, stated that the crypto bull market began on July 1st when Bitcoin hit a bottom of $57,950, and then rose to $80,000 on September 4th. Despite Polymarket predicting that the probability of the Clarity bill passing dropping from 39% to 18%, the market did not decline. Wall Street institutions entered the market not relying on the Clarity Act, but based on the friendly attitude of the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) towards cryptocurrencies. The launch of blockchain by Robinhood, Morgan Stanley's introduction of Solana ETF, and DTCC's completion of tokenized stock trading settlements all occurred without this bill in place. Before the new government took office in Washington, the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) had the autonomy to set regulatory agendas.