The Rejected Critical Cryptocurrency Law Finally Received Support from the Democrats! - Bitwise Commented: " Bitcoin (BTC) and This Altcoins is a Long-lasting Bullish Signal! "

In recent weeks, the US Senate had rejected the crypto-friendly stablecoin law GENIUS.

However, after some changes made to the GENIUS law, it is expected to be re-voted in the senate and passed.

At this point, while it is thought that the progress of the GENIUS law and the passage of the law will have a positive effect on Bitcoin and cryptocurrencies, Bitwise CIO Matt Hougan stated that groundbreaking stablecoin legislation could pave the way for a multi-year crypto bull market.

Last week, the 16 Democratic senators who caused the rejection of the law have reversed their decision. A bipartisan support of 66-32 votes was cast for the GENIUS law, which is progressing through the approval process.

While the crypto sector describes the vote as a historic victory that could help "secure the dominance of the US dollar," the CEO of Bitwise stated that it paves the way for a bull season that will last for many years.

"The politicians in Washington did the right thing. I don't want to make a prediction without clear data, but I believe we will have passed our first comprehensive crypto regulation in the US by the summer."

These Altcoins Will Benefit the Most!

The passage of the GENIUS Act marks another milestone for the crypto market, similar to the approval of spot Bitcoin ETFs in January 2024.

"I believe this law lays the groundwork for a long-term, sustainable rise in crypto assets beyond Bitcoin."

The biggest beneficiaries will be Ethereum (ETH), Solana (SOL), and various decentralized finance (DeFi) altcoins such as Uniswap (UNI) and Aave (AAVE)."

The Bitwise CIO also added that the situation of stablecoins, which have been in a gray area for many years, will become clearer and that major banks will be allowed to issue stablecoins and traders will accept them.

*"After the approval of the law, I estimate that the stablecoin market will become a $2.5 trillion market in a short time. Here, just close your eyes and imagine a world where JPMorgan and Bank of America issue stablecoins, Amazon gives you a 2% discount if you buy using stablecoins instead of Visa, and accepting stablecoins is as common as accepting Venmo or PayPal. Because that's the world we're going to live in soon." *