Bitwise Chief Investment Officer: Stablecoin legislation may be more influential than US spot Bitcoin ETF

According to Matt Hougan, the Chief Investment Officer of digital asset management company Bitwise, if the US Congress passes comprehensive stablecoin legislation this year, its impact on promoting the large-scale application of cryptocurrencies may exceed the launch of a US spot bitcoin ETF.This Wednesday, Maxine Waters, a senior Democratic member of the US House Financial Services Committee, stated that she and committee chairman Patrick McHenry will soon introduce a stablecoin bill. Hougan believes that this important signal has been underestimated by the market. He pointed out that the bipartisan consensus of Congress on stablecoin legislation is mainly based on three factors:1. Stablecoins help the US dollar maintain its global reserve currency status;2. Stablecoin projects are the main buyers of US government bonds, with a scale equivalent to the 16th largest sovereign holder in the world;3. Stablecoins contain huge financial opportunities, such as Tether, the largest stablecoin issuer, which generated $6.3 billion in profits with only 125 employees last year.