Progress in the Stablecoin bill in the United States could lead to a several -year crypto market, said Bitwise Assets Manager in a report on Tuesday.
The Senate agreed to advance in Genius law to a final vote on Monday, the report said, which means that the United States could approve its first cryptographic legislation this summer.
“Outside the approval of January 2024 of the ETF Spot Bitcoin, this is the most important regulatory development in the history of cryptography. It can even be larger,” wrote Matt Hougan, investment director in Bitwise.
The stable are cryptocurrencies whose value is linked to another asset, such as the US dollar or gold. They play an important role in cryptocurrency markets and are also used to transfer money internationally.
The National Innovation Law for National Senate Innovation for the United States (Genius) demands the federal regulation of stables with a market capitalization of more than $ 10 billion with the state regulation potential if aligns with federal rules. The stable law of the House of Representatives requires state regulation without any condition.
Bitwise said that Stablecoin issuers have to follow a series of regulations, but there is no “general federal framework.” Genius law provides that regulatory framework.
Once approved, this could prepare the stage for a long -term manifestation in cryptographic assets that are not Bitcoin
Bitwise said, and the greatest potential beneficiaries are the assets of Ether, Solana and Dentalized Finance (Defi) as Uniswap and Aave.
The Stablecoin market could reach the size of $ 2.5 billion in a short time, from $ 245 billion currently, the report added.
Read more: Stablecoins to be conventional in 2025 after the regulatory progress of the United States: Deutsche Bank
