PANews reported on May 6 that according to The Block, Bitwise Chief Investment Officer Matt Hougan is worried that the U.S. Congress will "drop the ball" in cryptocurrency regulation. If legislation fails, the cryptocurrency industry may face a difficult summer. However, he is still optimistic about the prospects of cryptocurrencies this year, and expects most digital assets to set new highs, and the price of Bitcoin may break $200,000. Hougan had expected stablecoin legislation to be passed quickly this year, calling it a "win-win-win" move. In mid-March, the Senate Banking Committee passed the GENIUS Act by 18 to 6, but when it was about to be submitted to the full Senate for deliberation, nine Democrats withdrew their support and demanded stronger national security and anti-money laundering provisions. The bill requires 60 votes to pass, and the Republicans only control 53 seats, so bipartisan cooperation is crucial.
Hougan believes that the change in the Democratic Party's attitude may be related to Trump's declining approval rating and the controversy over the conflict of interest in cryptocurrency, rather than substantive concerns. He also pointed out that efforts to combine stablecoin legislation with broader market structure legislation are counterproductive and will make it more difficult to pass the bill. Despite the doubts about the prospects of the GENIUS Act, Hougan still expects the stablecoin bill to eventually pass, believing that the benefits of stablecoins are obvious and political games will not be able to hinder its progress. Hougan said: "The next few days and weeks will be challenging. If legislative progress is hindered, this may bring a difficult summer for the cryptocurrency industry. But if Washington can work together, I think the bull market will be unstoppable."
