PANews reported on May 21 that according to The Block, Bitwise Chief Investment Officer Matt Hougan said that the GENIUS Act passed by the U.S. Senate could drive the crypto market into a multi-year bull market. Hougan pointed out that this is the most important regulatory breakthrough since the approval of the Bitcoin spot ETF in January 2024, which could expand the stablecoin market from the current $236 billion to $2.5 trillion. He believes that DeFi assets such as Ethereum (ETH), Solana (SOL) and Uniswap (UNI) will be the main beneficiaries. However, Democratic Senator Elizabeth Warren and others criticized the bill for potentially opening a backdoor for central bank digital currencies.

Republican Senator Bill Hagerty, the legislative promoter, said the bill would "bring the U.S. payment system into the 21st century." Data shows that crypto supporters sent more than 60,000 petition emails to senators before the vote. The final version of the bill needs to be voted on after amendments are reviewed and is expected to take effect in the summer of 2025.