Bitwise CIO: The stablecoin bill could pave the way for a years-long bull run in the crypto market.

On May 21, The Block reported that the U.S. Senate voted on Monday to advance landmark stablecoin legislation, with Bitwise Chief Investment Officer Matt Hougan saying the move could pave the way for a multi-year bull run in crypto assets to come. 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. Crypto industry leaders and lawmakers have called the vote a “historic victory”, arguing that it will help “ensure the dominance of the dollar”. However, after a procedural vote, legislators still need to vote on potential amendments before they can have a final vote on the bill itself. In a note to clients Tuesday night, Hougan wrote: “Politicians in Washington are doing the right thing. I don’t want to rush it, but it looks like we’re going to have the first fully passed crypto legislation in the U.S. this summer.”