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Bitwise: US encryption legislation will drive digital assets into the mainstream market.
[CoinWorld] On July 16, news came that asset management company Bitwise stated that the upcoming cryptocurrency legislation in the United States is expected to promote the comprehensive entry of digital assets into the mainstream market. Bitwise pointed out that clearer regulations will enable large financial institutions such as JPMorgan, Bank of New York Mellon, and Nasdaq to fully layout in the encryption field, bringing in billions of dollars in new investments and driving the migration of trillions of dollars in traditional assets to Blockchain. Bitwise also mentioned that the frequent explosions in the past in the crypto industry were mainly due to regulatory deficiencies, and the passage of legislation is expected to reduce extreme fluctuations and risks. In addition, the GENIUS Act received bipartisan support in the Senate with 68 votes to 30, indicating a weakening of political resistance, and Wall Street and mainstream institutions are accelerating to get on board. In the future, crypto assets will be deeply embedded in the financial system, making reversal difficult.