Matt Hougan, chief investment officer of digital asset management firm Bitwise, recently said that if the US Congress passes comprehensive stablecoin legislation this year, it may have more impact than the launch of a US spot bitcoin ETF in promoting the large-scale application of cryptocurrencies.
On Wednesday, Maxine Waters, a senior Democrat on the U.S. House Financial Services Committee, said that she and committee chair Patrick McHenry are close to introducing a stablecoin bill. Hougan believes that this important signal has been underestimated by the market. He pointed out that the bipartisan consensus on stablecoin legislation in Congress is mainly based on three factors:
1. Stablecoins are conducive to maintaining the status of the US dollar as a global reserve currency.
2. Stablecoin projects are major buyers of U.S. Treasury bonds, equivalent to the 16th largest sovereign holder in the world.
3. Stablecoins hold great financial opportunities, such as Tether, the largest stablecoin issuer, which generated $6.30 billion in profits last year with just 125 employees.
Bitwise Chief Investment Officer: Stablecoin Legislation Could Be More Influential Than US Spot Bitcoin ETFs
2024-04-30 12:59:22
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