According to analysis by The Block, Matt Hougan, Chief Investment Officer of Bitwise, is concerned that the U.S. Congress may not ensure cryptocurrency regulation. If the legislation fails, this summer could be challenging for the industry. However, he remains optimistic about this year's prospects and expects many digital assets to reach new highs, with Bitcoin potentially surpassing $200,000.
The stablecoin bill is something Hougan believes needs to be passed quickly, as it is a 'win-win-win.' The Senate previously approved the GENIUS Bill with a vote of 18-6, but as it neared a full Senate discussion, 9 Democratic members withdrew their support, demanding stronger security and anti-money laundering measures. The bill needs 60 votes to pass, while the Republican Party only controls 53 seats, so bipartisan cooperation is necessary.
Hougan believes that the Democratic Party's change in stance may be related to Trump's declining approval ratings and the controversy surrounding conflicts of interest in cryptocurrency, rather than real concerns. He also pointed out that combining stablecoin legislation with broader market structure laws is ineffective and complicates the passage.
Despite doubts about the prospects of the GENIUS Bill, Hougan remains confident that the stablecoin legislation will eventually pass, as the benefits of stablecoins are clear and political games cannot impede that progress. He stated, “The days and weeks ahead will be challenging. If the legislative process is obstructed, summer for the cryptocurrency industry could be tough. But if Washington can collaborate, I believe that the bullish market will be unstoppable.”
Source: https://tintucbitcoin.com/mua-he-day-thach-thuc-cho-tien-dien-tu-neu-quoc-hoi-hoa-ky-khong-hanh-dong/
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