Congress passed the GENIUS Act this week, boosting the market for stablecoins. Here's what investors need to know about the corner of the crypto market.

Michael Novogratz, the billionaire founder and CEO of Galaxy Digital Holdings (OTCPK:BRPHF), said Wednesday he believes the recent passage of landmark stablecoin rules will open the door for more traditional finance players to enter the crypto market.

Billionaire Michael Novogratz said that the passage of landmark stablecoin legislation will bring more traditional financial institutions into the cryptocurrency market.“We set up Galaxy in 2017 with the idea that institutions would finally come to the market and they’re here,