Key Takeaways Hougan identifies Coinbase as a beneficiary of preserved rewards. A five-year SEC exemption allows conditional tokenized stock trading. Updated buyback guidance requires a network with no central party. Stablecoin Platforms Preserve Customer Rewards Four areas of crypto gained business advantages after the Senate failed to advance the CLARITY Act in a Sept. 15 procedural vote. Matt Hougan, chief investment officer at Bitwise Asset Management, outlined those benefits in his analysis of four sectors benefiting from CLARITY’s failure published Sept. 30. He wrote: “Crypto sacrificed long-term certainty and got better rules, faster.” The first beneficiary was the stablecoin sector, …