What to know:
- Ah, the passage of stablecoin legislation in the U.S.! A potential long-term crypto bull market awaits, or so they say.
- Bitwise, the oracle of crypto wisdom, claims this could be the most monumental regulatory development since the dawn of time—or at least since sliced bread.
- And who stands to gain? Why, ether, solana, uniswap, and aave, of course! The usual suspects in this grand theater of finance.
Progress on the stablecoin bill in the U.S. could lead to a multi-year crypto bull market, or so the asset manager Bitwise proclaims with the fervor of a prophet on a soapbox.
The Senate, in a fit of legislative enthusiasm, has decided to advance the GENIUS Act to a final vote. Yes, you heard it right! The U.S. might just pass its first piece of crypto legislation this summer, just in time for the beach! 🏖️
“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, probably while sipping a piña colada.
Stablecoins, those delightful little cryptocurrencies whose value is tied to something sensible like the U.S. dollar or gold, play a major role in the chaotic carnival that is the cryptocurrency market. They are also the preferred method for transferring money internationally—because who doesn’t love a good international money transfer?
The Senate’s Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act mandates federal regulation for stablecoins with a market cap of over $10 billion. Yes, you heard that right! And if it aligns with federal rules, state regulation might just join the party. Meanwhile, the House of Representatives’ STABLE Act calls for state regulation without any conditions—because why not throw caution to the wind?
Bitwise, in its infinite wisdom, noted that stablecoin issuers must follow a plethora of regulations, yet there exists no “overarching federal framework.” Enter the GENIUS Act, the knight in shining armor that provides that very framework!
Once approved, this could set the stage for a long-term rally in crypto assets beyond just bitcoin, according to Bitwise. And the biggest potential beneficiaries? Why, ether, solana, and the decentralized finance (DeFi) assets like uniswap and aave, of course! 🎉
The stablecoin market could balloon to a staggering $2.5 trillion in size in no time, up from a mere $245 billion currently. Talk about a glow-up!
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2025-05-22 16:57