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

Odaily Planet Daily News The U.S. Senate voted on Monday to advance landmark stablecoin legislation, and Bitwise Chief Investment Officer Matt Hougan said the move could pave the way for a multi-year bull market in crypto assets in the future. He likened the development to a "marriage between Wall Street and the crypto industry." Senators passed the GENIUS Act by a vote of 66 to 32, which received bipartisan support, including 16 Democratic lawmakers who had previously opposed it and turned to support this week. Crypto industry leaders and lawmakers have called the vote a "historic victory" and believed it would help "ensure the dominance of the U.S. dollar." However, after the procedural vote, lawmakers still need to vote on potential amendments before they can hold a final vote on the bill itself. "Politicians in Washington did the right thing," Hougan wrote in a note to clients on Tuesday night. "I don't want to rush it, but it looks like we're going to have the first fully passed crypto legislation in the United States this summer." (The Block)