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Asset manager Bitwise says the Senate stablecoin bill could have a bigger impact on the crypto market than the launch of spot Bitcoin ETFs (exchange-traded funds), and might spark a multi-year crypto bull run. “Outside of the January 2024 approval of spot bitcoin ETFs, this is the most important regulatory development in the history of crypto,” s aid Bitwise’s chief investment officer Matt Hougan in a May 20 blog post. ” It may even be bigger.” Hougan said the legislation should be passed in the summer, setting the stage for a ”long-term, sustained rally in crypto assets beyond bitcoin.” The biggest beneficiaries will likely be Ethereum (ETH), Solana (SOL), and various decentralized finance (DeFi) assets like Uniswap (UNI) and Aave (AAVE), he added. Hougan’s remarks come after the US senate advanced a key stablecoin bill, which many analysts see as an important step toward legitimizing digital assets in the US. If signed into law, the b...