Compliant ICOs could define crypto’s next bull run amid new Coinbase platform launch, Bitwise CIO says
Bitwise CIO Matt Hougan believes compliant ICOs, spurred by Coinbase's new platform, will define crypto's next bull market starting around 2026.Summary
Bitwise Chief Investment Officer Matt Hougan asserts that crypto is entering a new phase of capital formation, viewing regulated Initial Coin Offerings (ICOs) as the fourth major disruption in the industry, following Bitcoin, stablecoins, and tokenization. He points to the launch of Coinbase's token sale platform as the catalyst for a new, regulated era for ICOs, predicting this development will shape the market in 2026. Hougan contrasts this with the failed 2017-2018 ICO boom, noting that while the technology proved effective for rapid capital raising, it lacked structure. The current shift is characterized by regulation and structure, exemplified by Coinbase's platform which mandates strict vetting, disclosure, and insider lockups for monthly project listings, starting with Monad. Hougan expects this compliant approach could lead to billions raised through ICOs by 2026, strengthening the overall investment case for crypto exposure.
(Source：The Block)