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U.S. Senate Advances GENIUS Act, Potentially Igniting Crypto Bull Market
U.S. Senate Advances GENIUS Act, Potentially Igniting Crypto Bull Market
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The U.S. Senate has passed the GENIUS Act with a 66-32 vote, introducing stablecoin regulations that could bridge cryptocurrency and traditional finance. Bitwise CIO Matt Hougan interprets this as a watershed moment, signaling not just regulatory clarity but the dawn of a sustained bull market. The legislation’s approval may culminate in the first comprehensive U.S. crypto law by summer.
The act mandates full backing of dollar-pegged stablecoins by government securities, a MOVE poised to attract institutional capital. Wall Street’s engagement with crypto, alongside potential adoption by entities like Amazon, could unlock a $2.5 trillion market opportunity. This convergence marks a pivotal shift in financial infrastructure.
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