Senate Advances GENIUS Act 66-32 Boosting Bitcoin Bull Market Hopes

On May 21st, the U.S. Senate made a significant move by advancing the GENIUS Act, a groundbreaking stablecoin legislation. This development has sparked optimism within the crypto industry, particularly for the future of Bitcoin. Matt Hougan, the Chief Investment Officer of Bitwise, described this legislative progress as a pivotal moment that could catalyze a prolonged multi-year bull market for crypto assets. He likened it to a “marriage between Wall Street and the crypto industry,” suggesting a new era of integration and acceptance.

The Senate’s vote of 66 to 32 in favor of the GENIUS Act underscores strong bipartisan support, with 16 Democratic senators reversing their previous stance to back this initiative. This legislative breakthrough is seen as a “historic victory” by industry leaders and lawmakers, aiming to bolster the dollar’s dominance within the global financial ecosystem. However, the bill still requires further amendments before it can be finalized.

In a recent note to clients, Hougan expressed optimism, stating, “Washington’s politicians did the right thing,” hinting at the potential for the first comprehensive crypto regulation in the U.S. this summer. This regulatory clarity could provide a stable foundation for the growth of crypto assets, including Bitcoin, and foster greater institutional investment in the sector. The advancement of the GENIUS Act represents a significant step towards legitimizing crypto assets and integrating them into the traditional financial system, which could drive long-term growth and stability in the market.