Bitwise CIO: The stablecoin legislation may pave the way for years of a bull run in the crypto market.

[Bitwise CIO: Stablecoin bill may pave the way for a multi-year bull market in the crypto market] According to TheBlock, the U.S. Senate voted on Monday to advance landmark stablecoin legislation, and Bitwise Chief Investment Officer Matt Hougan said that the move could pave the way for a multi-year bull market in crypto assets in the future. 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. Leaders in the encryption industry and lawmakers have called this vote a historic victory, believing it helps ensure the dominance of the dollar. However, after the procedural vote, lawmakers still need to vote on potential amendments before a final vote on the bill itself can take place. In a note to clients on Tuesday evening, Hougan wrote: "Politicians in Washington did the right thing. I don't want to rush things, but it looks like we will see the first comprehensive encryption legislation passed in the U.S. this summer."