Bitwise CIO: Stablecoin bill could pave the way for a multi-year bull market in the crypto market

According to TheBlock, the U.S. Senate voted Monday to advance landmark stablecoin legislation, a move that Bitwise Chief Investment Officer Matt Hougan said could pave the way for a multi-year bull market in crypto assets. He likened the development to "the marriage of Wall Street and the crypto industry." Senators voted 66-32 to advance the GENIUS Act, which has bipartisan support, including 16 Democratic lawmakers who had previously opposed it.
Crypto industry leaders and lawmakers have called the vote a historic victory, arguing that it will help ensure the dominance of the dollar. However, after 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 late Tuesday: "Politicians in Washington did the right thing. I don't want to rush it, but it looks like we will have the first fully passed crypto legislation in the United States this summer.