TechFlow news, May 6 — According to The Block, Bitwise Chief Investment Officer Matt Hougan warned that if Congress fails to pass crypto legislation, the industry will face a difficult summer. Currently, the stablecoin bill GENIUS Act has stalled in the Senate after Democrats—including Senate Minority Leader Chuck Schumer—who previously supported it withdrew their backing, citing insufficient national security and anti-money laundering policy provisions.
Hougan stated that although the Trump administration has shown positive sentiment toward cryptocurrencies, existing progress could be easily reversed by a future administration if Congress does not enact relevant legislation. Nevertheless, he remains optimistic, suggesting that if Congress passes stablecoin and market structure bills, most crypto assets could reach new all-time highs this year, with Bitcoin potentially surpassing $200,000.
