Bitwise Chief Investment Officer: If Congress fails to pass the encryption bill, the crypto market may face a difficult summer.

Deep Tide TechFlow news, on May 6, reported by The Block, Bitwise Chief Investment Officer Matt Hougan warned that if Congress fails to pass the encryption bill, the industry will face a tough summer. Currently, the stablecoin bill GENIUS Act is facing obstacles in the Senate, as Democrats who previously supported the bill (including Senate Minority Leader Chuck Schumer) withdrew their support citing that the national security and AML policy provisions were not strict enough.

Hougan stated that although the Trump administration has a positive attitude towards encryption, any current progress may be easily overturned by future administrations if Congress fails to pass relevant legislation. Nevertheless, he remains optimistic, believing that if Congress can pass stablecoin and market structure bills, most crypto assets are expected to reach all-time highs this year, with Bitcoin prices potentially surpassing $200,000.

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