Bitwise CIO Matt Hougan has suggested that if Congress passes comprehensive stablecoin legislation this year, it could prove as big as or bigger than the launch of the U.S. spot bitcoin exchange-traded funds in terms of crypto adoption.

On Wednesday, Ranking Democrat of the House Financial Services Committee Maxine Waters said she and Chair Patrick McHenry were on their way "to getting a stablecoin bill in the short run."

In a note to clients on Monday, Hougan suggested this had gone under the radar — arguing that “it looks like Congress may actually pass comprehensive stablecoin legislation this year,” with Waters indicating the deal already has widespread support.

However, Cody Carbone, Vice President of Policy for the Chamber of Digital Commerce, told The Block on …