Bitwise CIO: The US stablecoin bill may pave the way for a multi-year bull market for cryptocurrencies

According to The Block, Bitwise Chief Investment Officer Matt Hougan stated that the GENIUS Act passed by the US Senate may drive the cryptocurrency market into a multi-year bull market. Hougan pointed out that this is the most important regulatory breakthrough since the approval of the Bitcoin spot ETF in January 2024, which could expand the size of the stablecoin market from the current $236 billion to $2.5 trillion. He believes that DeFi assets such as Ethereum (ETH), Solana (SOL), and Uniswap (UNI) will be the main beneficiaries. But Democratic Senator Elizabeth Warren and others criticized the bill for potentially opening a backdoor for central bank digital currencies. Legislator Republican Senator Bill Hagerty stated that the bill will; Bringing the US payment system into the 21st century;. Data shows that supporters of encryption sent over 60000 petition emails to senators before the vote. The final version of the bill needs to be reviewed and voted on through amendments, and is expected to officially come into effect in the summer of 2025.