Bitwise Chief Investment Officer: The impact of stablecoin legislation may exceed that of US spot Bitcoin ETF

Matt Hougan, chief investment officer of digital asset management company Bitwise, recently said that if the U.S. Congress passes comprehensive stablecoin legislation this year, its influence in promoting the large-scale application of cryptocurrencies may exceed the launch of the U.S. spot Bitcoin ETF. On Wednesday, Maxine Waters, a Democratic member of the U.S. House Financial Services Committee, said that she and committee chairman Patrick McHenry will soon launch a stablecoin bill. Hougan believes that this important signal is underestimated by the market. As the first comprehensive cryptocurrency legislation passed by Congress, the bill will allow banks such as JPMorgan Chase to enter this field, and millions of individuals and businesses will be exposed to crypto wallets, stablecoins and blockchain-based payment channels. The use of stablecoins for payment may become the norm in the next few years. Hougan described this as another "step-by-step development" in the cryptocurrency market after the Bitcoin ETF. (Bitwiseinvestments)