"A Challenging Summer" for Cryptocurrencies Due to US Legislation
The crypto market may be facing a "challenging summer" without legislative regulation in the US. Matt Hougan from Bitwise believes that progress in legislation is necessary for growth, despite his optimistic forecast for Bitcoin reaching $200,000 by 2025. Legislative establishment is more stable than other initiatives. Delays in legislation could weaken market momentum.
The main bill on stablecoins (GENIUS Act) requires backing by reserves, data publication, and auditing. However, Democrats have withdrawn support, demanding enhanced national security measures.
The failure of legislation risks making summer "challenging," but the adoption of a regulatory framework could lead to a sustainable bull market. Stablecoins backed by US government bonds are beneficial for issuers.
The European Union is protecting its market from dollar-backed stablecoins by requiring licensing in the EU. European regulators see American policy as a threat to control over financial flows.
Despite disagreements, stablecoins remain a central element of the crypto market, with their capitalization growing faster than other assets in 2025.$BTC
