US Senate Stablecoin Bill Spurs Crypto Market Optimism
The Senate voted 66-32 to advance the GENIUS Act on Monday. This breakthrough came with rare bipartisan support. Sixteen Democrats changed course after opposing it the previous week.
Crypto advocates cheered the move. Many believe it strengthens the U.S. dollar’s global standing. Lawmakers must still debate amendments before a final vote.
Matt Hougan, Bitwise CIO, praised the vote in a client note. He compared it to a marriage between Wall Street and crypto. Hougan expects the bill to pass this summer.
He called it the biggest crypto regulatory step yet. In his view, it even surpasses the January approval of spot bitcoin ETFs.
Bitcoin rose about 155% since those ETF approvals. Hougan thinks this bill could do more. He predicts a long-term market rally.
Ethereum, Solana, and top DeFi tokens like Uniswap and Aave may lead the gains. The legislation could fuel wider adoption and investment.
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