Last week, the US Senate rejected the cryptocurrency-friendly stablecoin bill GENIUS. However, after some changes were made to the GENIUS law, it is expected to be voted on again in the Senate and the law is expected to pass. At this point, while it is thought that the progress and passage of the GENIUS law will have a positive impact on Bitcoin and cryptocurrencies, Bitwise CIO Matt Hougan said that the groundbreaking stablecoin legislation could pave the way for a crypto bull market that will last for many years. Last week, the 16 Democratic senators who had voted to reject the bill reversed their decision. The GENIUS bill, which is moving forward with the approval process, was voted 66-32 with bipartisan support. The crypto industry hailed the vote as a historic victory that could help “secure the dominance of the US dollar,” while Bitwise CEO said it paved the way for a bull season that will continue for years to come. “Politicians in Washington did the right thing. I don't want to make a prediction without having clear data, but I think by summer we will have our first full-fledged crypto legislation in the US.” These Altcoins Will Benefit the Most! The passage of the GENIUS Act marks another milestone for the crypto market, as spot Bitcoin ETFs were approved in January 2024. “I believe this law paves the way for a long-term, sustainable rally in crypto assets beyond Bitcoin. The biggest beneficiaries will be Ethereum (ETH), Solana (SOL), and various decentralized finance (DeFi) altcoins like Uniswap (UNI) and Aave (AAVE).” The Bitwise CIO also added that the status of stablecoins, which have been in the gray zone for many years, will be clarified and will allow major banks to issue stablecoins and merchants to accept them. “I predict that the stablecoin market will quickly become a $2.5 trillion market once the legislation is passed. Just close your eyes here and imagine a world where JPMorgan and Bank of America are issuing stablecoins, where Amazon gives you a 2% discount if you buy with stablecoins instead of Visa, and where accepting stablecoins is as common as accepting Venmo or PayPal. Because that’s the world we’re going to live in soon.” *This is not investment advice. Continue Reading: Critical Cryptocurrency Bill That Was Rejected Finally Gets Support From Democrats! -Bitwise Commented: "Long-term Bullish Sign for Bitcoin (BTC) and These Altcoins!"
