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The U.S. Senate has taken a historic step for the cryptocurrency market by advancing the GENIUS Act, a bill featuring stablecoin regulations, with a decisive vote of 66 to 32. This development, viewed by Bitwise CIO Matt Hougan, is not merely regulatory but could also mark the onset of a prolonged bull market. Hougan suggests that the acceptance of this law symbolizes the official “marriage” of the crypto world with the traditional financial system, and predicts that the first comprehensive cryptocurrency law in U.S. history will be enacted this summer.
Groundbreaking Accord Between Wall Street and Crypto
The GENIUS Act mandates that U.S. dollar-pegged cryptocurrencies be backed entirely by government securities or equivalent assets. For issuers exceeding a market value of $50 billion, annual audits, regulations for foreign issuers, and anti-money laundering obligations are also included. This brings about clear rules and a more robust legal framework for major industry players.
Before the Senate vote, over 60,000 supportive emails were reportedly dispatched. Republican Senator Bill Hagerty, one of the architects of the bill, emphasized that this regulation will bring the U.S. payment system into the 21st century. Hougan argues that this marks a more significant milestone than even the approval of spot Bitcoin 
$118,665 ETFs. He asserts that major altcoins like Ethereum (ETH) 
$3,751, Solana 
$182 (SOL), Uniswap (UNI), and Aave (AAVE) will be the biggest beneficiaries in this new era.
Banks, Amazon, and a $2.5 Trillion Prospect
While stablecoins currently represent a $236 billion market, Bitwise CIO projects that this figure could soon escalate to $2.5 trillion. This legislation allows large banks to issue their stablecoins, and e-commerce giants can directly accept these coins for payments. For instance, companies like Amazon could potentially offer a 2% discount on payments made with stablecoins instead of Visa, a promising future scenario.
According to Hougan, this is just the beginning. When transferring U.S. dollars via Blockchain becomes commonplace, stocks, bonds, and other financial assets will follow suit. This evolution paves the way for moving the traditional financial system, exceeding $100 trillion, onto Blockchain-based infrastructures. For investors, this could signal the commencement of a new growth period for non-Bitcoin cryptocurrencies.
The stablecoin regulation approved by the U.S. Senate addresses one of the industry’s largest shortcomings—regulatory uncertainty. This regulation not only fosters institutional adoption but also initiates a potential long-term upward trend for cryptocurrencies.
