The U.S. Senate recently passed a significant legislative landmark for the cryptocurrency market by advancing the GENIUS Act. This bill, featuring stablecoin regulations, received approval with a decisive vote of 66 to 32. This development is viewed as transformative and could signal the onset of a prolonged bull market, according to Bitwise CIO Matt Hougan. He believes that the act’s passage represents an official integration of the cryptocurrency world with traditional financial systems and predicts its enactment this summer. Hougan further suggests this marks a historic moment in U.S. history for crypto regulation, surpassing even the approval of spot Bitcoin ETFs. The bill mandates that all dollar-pegged cryptocurrencies be backed by government securities or equivalent assets, effectively establishing clear rules and a more robust legal framework for major industry players. Over 60,000 supportive emails were reportedly sent before the Senate vote, with Republican Senator Bill Hagerty emphasizing how this regulation brings the U.S. payment system into the 21st century. The GENIUS Act is poised to bring about a surge in stablecoin markets, which could reach $2.5 trillion in size over time, potentially benefiting major players like banks, Amazon, and other corporations. Hougan highlights that this legislation will enable large banks to issue their stablecoins and e-commerce giants to accept these cryptocurrencies for payments. The impact of the GENIUS Act may be seen in how companies like Amazon could offer a 2% discount on payments made with stablecoins instead of traditional Visa transactions, creating a promising future scenario. This bill marks a pivotal moment as it addresses one of the industry’s largest shortcomings—regulatory uncertainty. It not only fosters institutional adoption but also sets the stage for long-term market growth in the crypto sphere.