Progress on the stablecoin bill in the U.S. could lead to a multi-year crypto bull market, asset manager Bitwise said in a report Tuesday.

The Senate agreed to advance the GENIUS Act to a final vote on Monday, the report noted, which means that the U.S. could pass its first piece of crypto legislation this summer.

"Outside of the January 2024 approval of spot bitcoin ETFs, this is the most important regulatory development in the history of crypto. It may even be bigger," wrote Matt Hougan, chief investment officer at Bitwise.

Stablecoins are cryptocurrencies whose value is tied to another asset, such as the U.S. dollar or gold. They play a major role in cryptocurrency markets and are also used to transfer money internationally.

The Senate's Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act mandates federal regulation for stablecoins with a market cap of over $10 billion with the potential for state regulation if it aligns with federal rules. The House of Representatives' STABLE Act calls for state regulation without any conditions.

Bitwise noted that stablecoin issuers have to follow a number of regulations but there is no "overarching federal framework." The GENIUS Act provides that regulatory framework.

Once approved, this could set the stage for a long-term rally in crypto assets other than just bitcoin BTC, Bitwise said, and the biggest potential beneficiaries are ether ETH, solana SOL and decentralized finance (DeFi) assets such as uniswap UNI and aave AAVE.

The stablecoin market could reach $2.5 trillion in size in no time, from $245 billion currently, the report added.

Read more: Stablecoins to Go Mainstream in 2025 After U.S. Regulatory Progress: Deutsche Bank

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