Bitwise CIO: Stablecoin Legislation Could Pave the Way for a Multi-Year Bull Market in Crypto

According to The Block, the U.S. Senate voted on Monday to advance landmark stablecoin legislation, with Bitwise Chief Investment Officer Matt Hougan stating that this move could pave the way for a prolonged bull market in crypto assets. He likened this development to a "marriage between Wall Street and the crypto industry." Senators voted 66 to 32 to advance the GENIUS Act, which received bipartisan support, including 16 Democratic senators who had previously opposed it but switched to support this week. Leaders in the crypto industry and legislators hailed this vote as a historic victory, believing it helps ensure the dominance of the dollar. However, following the procedural vote, lawmakers still need to vote on potential amendments before a final vote on the bill itself. Hougan wrote in a note to clients on Tuesday evening, "Politicians in Washington did the right thing. I don't want to get ahead of myself, but it looks like we will see the first fully passed crypto legislation in the U.S. this summer."