Approval of the U.S. Stablecoin Bill Could Trigger a Long-Term Crypto Bull Market: Bitwise
Progress on the stablecoin bill in the U.S. could lead to a multi-year crypto bull market, asset manager Bitwise said in a report Tuesday.
The Senate agreed to advance the GENIUS Act to a final vote on Monday, the report noted, which means that the U.S. could pass its first piece of crypto legislation this summer.
“Outside of the January 2024 approval of spot bitcoin ETFs, this is the most important regulatory development in the history of crypto. It may even be bigger,” wrote Matt Hougan, chief investment officer at Bitwise.
Stablecoins are cryptocurrencies whose value is tied to another asset, such as the U.S. dollar or gold. They play a major role in cryptocurrency markets and are also used to transfer money internationally.
The Senate’s…
