According to The Block's analysis, Matt Hougan, Bitwise's Chief Investment Officer, is concerned that the US Congress may not ensure cryptocurrency regulations. If legislation fails, the industry's summer could face challenges. However, he remains optimistic about this year's prospects and expects many digital assets to reach new peaks, with Bitcoin potentially surpassing $200,000.
Hougan believes the stablecoin bill needs to be passed quickly, as it is a "win-win-win". The Senate previously approved the GENIUS Bill with an 18-6 vote, but when near full Senate discussion, 9 Democratic members withdrew support, demanding stronger security and anti-money laundering measures. The bill requires 60 votes to pass, and since the Republican Party controls only 53 seats, bipartisan cooperation is essential.
Hougan suggests the Democratic Party's stance change might be related to Trump's declining support and controversies surrounding cryptocurrency conflicts of interest, rather than genuine concerns. He also points out that combining stablecoin legislation with broader market structure laws is ineffective and complicates passage.
Despite doubts about the GENIUS Bill's prospects, Hougan still believes the stablecoin bill will ultimately be passed, with stablecoin benefits being clear and political games unable to obstruct the process. He stated: "The coming days and weeks will be challenging. If the legislative process is hindered, the cryptocurrency industry's summer could be difficult. But if Washington can collaborate, I believe the price increase will be unstoppable."
