Progress of Stablecoin’s bill in the United States could lead to a multi-year cryptographic market market, the asset manager in a report said on Tuesday.
The Senate agreed to advance the law on genius to a final vote on Monday, noted the report, which means that the United States could adopt its first element of cryptographic legislation this summer.
“Apart from the January 2024 approval of the FNB Bitcoin, it is the most important regulatory development in the history of the crypto. It can even be bigger,” wrote Matt Hougan, director of investments in Bitwise.
Stablecoins are cryptocurrencies whose value is linked to another asset, such as US dollar or gold. They play a major role in the cryptocurrency markets and are also used to transfer money internationally.
The law on the orientation and establishment of national innovation of the Senate for the Stablescoins (Engineering) law obliges federal regulations for stablescoins with a market capitalization of more than $ 10 billion with the potential for state regulation if it aligns the federal rules. The stable act of the House of Representatives provides for state regulations without any condition.
Bitwise noted that Stablecoin issuers must follow a number of regulations, but there is no “global federal framework”. The Act on Engineering provides this regulatory framework.
Once approved, this could prepare the ground for a long -term rally in cryptographic assets other than simple bitcoin
Said Bitwise, and the greatest potential beneficiaries are ether, solana and decentralized financial assets (DEFI) such as Uniswap and Aave.
The Stablescoin market could reach 2.5 billions of dollars in no time, compared to $ 245 billion currently, added the report.
Read more: Stablecoins to go to current in 2025 after American regulatory progress: Deutsche Bank
