Bitwise: US cryptocurrency legislation is expected to promote the full entry of digital assets into the mainstream market

PANews reported on July 16 that according to CoinDesk, asset management company Bitwise stated that the upcoming cryptocurrency legislation in the United States is expected to promote digital assets' comprehensive entry into the mainstream market. Bitwise pointed out that clear regulation will enable large financial institutions such as JPMorgan Chase, Bank of New York Mellon, and Nasdaq to fully deploy in the crypto field, bringing billions of dollars in new investments and driving trillions of dollars of traditional assets to migrate to blockchain. Bitwise also said that the frequent collapses in the crypto industry in the past were mainly due to regulatory gaps, and legislation is expected to reduce extreme volatility and risks. Additionally, the GENIUS bill passed in the Senate with 68 votes to 30, showing reduced political resistance, with Wall Street and mainstream institutions accelerating their entry, indicating that crypto assets will be deeply embedded in the financial system and difficult to reverse.