Bitwise CIO: Stablecoin Regulation Could Set the Stage for Multi-Year Bull Market in Crypto

BlockBeats News, May 21st, according to The Block, the U.S. Senate on Monday voted to advance landmark stablecoin legislation, with Bitwise Chief Investment Officer Matt Hougan stating that this move could pave the way for a sustained multi-year bull market for crypto assets in the future. 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 switching to support it this week. Leaders in the crypto industry and lawmakers alike have hailed this vote as a "historic victory," believing it will help "ensure the dominance of the U.S. dollar." However, after a procedural vote, lawmakers will still need to vote on potential amendments before a final vote on the bill itself.

In an explanation to clients on Tuesday evening, Hougan wrote, "Washington politicians did the right thing. I don't want to be too hasty, but it looks like we will see the first fully comprehensive crypto legislation passed in the U.S. this summer."