Bitwise CIO: The stablecoin legislation may pave the way for years of a bull run in the crypto market.

GateUser-6433627c · 2025-05-21T14:11:58+00:00

The U.S. Senate's passage of stablecoin legislation will pave the way for a multi-year bull run in the crypto market, according to Bitwise's Chief Investment Officer, who calls it a "marriage between Wall Street and the crypto industry." Although the legislation is just a preliminary procedure, it is expected to lead to the first comprehensive crypto bill passed in the U.S. this summer, helping to ensure the dominance of the dollar.

GateUser-6433627c

2025-05-21 14:11:58

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[Bitwise CIO: Stablecoin bill may pave the way for a multi-year bull market in the crypto market] According to TheBlock, the U.S. Senate voted on Monday to advance landmark stablecoin legislation, and Bitwise Chief Investment Officer Matt Hougan said that the move could pave the way for a multi-year bull market in crypto assets in the future. He likened this development to “the marriage of Wall Street and the crypto industry.” SENATORS VOTED 66-32 TO MOVE FORWARD WITH THE GENIUS BILL, WHICH RECEIVED BIPARTISAN SUPPORT, INCLUDING 16 PREVIOUSLY OPPOSED DEMOCRATS. Leaders in the encryption industry and lawmakers have called this vote a historic victory, believing it helps ensure the dominance of the dollar. However, after the procedural vote, lawmakers still need to vote on potential amendments before a final vote on the bill itself can take place. In a note to clients on Tuesday evening, Hougan wrote: “Politicians in Washington did the right thing. I don’t want to rush things, but it looks like we will see the first comprehensive encryption legislation passed in the U.S. this summer.”

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