But with bitcoin coming off a nearly two-year low, the short-term temperaments are being met with a mix of positive and negative factors that are guiding where the crypto community goes from here.
Proposals for more SEC oversight of the crypto community are likely to be met with hostility from the community itself, although the agency has already taken steps to enforce its regulatory agenda.
"A year from now, the large trading venues will be in the process of registering with the SEC," Hougan said.
Beyond the crypto community, rates of adoption from large investment firms demonstrate that digital currencies are being embraced by Wall Street, Hougan said.
"Blackrock and Schwab coming in reinforces to everyday investor that bitcoin is not going away," Hougan said.