Bitwise CIO: If the US Congress falls behind in legislation, the cryptocurrency industry may face a difficult summer

According to The Block, Bitwise's Chief Investment Officer Matt Hougan is concerned that the US Congress may fall behind in cryptocurrency regulation, and if legislation fails, the cryptocurrency industry may face a difficult summer. However, he remains optimistic about the prospects of cryptocurrency this year and expects most digital assets to reach new highs, with Bitcoin prices potentially surpassing $200000. Hougan had expected the stablecoin legislation to pass quickly this year, calling it a "triple win" initiative. In mid March, the Senate Banking Committee passed the GENIUS Act by a vote of 18-6. However, as it was approaching full Senate review, nine Democrats withdrew their support and called for strengthening national security and anti money laundering provisions. The bill requires 60 votes to pass, with the Republican Party holding only 53 seats, and cooperation between the two parties is crucial. Hougan believes that the shift in Democratic attitudes may be related to the decline in Trump's approval rating and the controversy surrounding his cryptocurrency interests, rather than substantive concerns. He also pointed out that efforts to combine stablecoin legislation with broader market structure legislation would backfire and make the bill more difficult to pass. Although the prospects of the GENIUS Act are uncertain, Hougan still expects the stablecoin bill to eventually pass, believing that the benefits of stablecoins are obvious and that political games will not hinder its progress. Hougan said, "The next few days and weeks will be full of challenges. If legislative progress is hindered, it could bring a difficult summer to the cryptocurrency industry. But if Washington can work together, I believe the bull market will be unstoppable