On May 21st, COINOTAG reported that the U.S. Senate has taken a significant step by advancing a groundbreaking stablecoin legislation. According to Matt Hougan, Chief Investment Officer of Bitwise, this legislative progress could catalyze a prolonged multi-year bull market for crypto assets. He described it as a pivotal moment, akin to a “marriage between Wall Street and the crypto industry.” The Senate’s decisive vote of 66 to 32 in favor of the GENIUS Act highlights bipartisan support, with 16 Democratic senators reversing their previous stance to support this initiative.
This legislative breakthrough is viewed as a “historic victory” by industry leaders and lawmakers, as it aims to bolster the dollar’s dominance within the global financial ecosystem. Nevertheless, further amendments must be debated before the bill can be finalized. In a recent note to clients, Hougan expressed optimism, stating, “Washington’s politicians did the right thing,” hinting at the potential for the first comprehensive crypto regulation in the U.S. this summer.