The GENIUS Act and stablecoin regulation have been the major topics of discussion over the past few weeks. Now, XRP lawyer John Deaton has joined the conversation, warning that the Senate’s inaction on the stablecoin bill may push crypto reform until 2029.
Notably, Deaton aligns himself with Messari Founder Ryan Selkis, emphasizing the importance of passing the GENIUS Act. This stance reflects Deaton’s broader advocacy for clearer crypto regulations.
GENIUS Act Inaction: Will the Stablecoin Bill be Delayed?
The crypto community has been disappointed with the US Senate’s failure to pass the much-hyped stablecoin bill. While many prominent figures have spoken out against the move, XRP lawyer John Deaton has become the latest voice. In his recent X post, John Deaton wrote,
If Congress can’t get the GENIUS Act passed, we won’t see a Market Structure’s Bill, which means we won’t see any long-lasting reform until 2029, depending on how the Presidential election goes.
Significantly, Deaton responded to Ryan Melkis’s statement that crypto legislation under Trump’s presidency might face significant challenges without the stablecoin bill.
Why Is the GENIUS Act Important?
According to the XRP lawyer, the GENIUS Act is a “no-brainer.” This means that the act is a bipartisan opportunity that aligns with America’s national interests, making it a logical choice for politicians who prioritize the country’s interests.
Furthermore, Deaton added that the stablecoin bill is often referred to as the “Dollar Dominance Bill” as it tends to maintain the US dollar’s global currency status. He added that driving demand for US Treasury securities is crucial to maintain the USD’s dominance as other nations push for de-dollarization. His post read,
We’re in an era when other nations are attempting to de-dollarize the world. We MUST drive demand for UST and ensure the USD remains the world’s reserve currency. If politicians can’t get the Genius Act through, then there’s little chance more complex, long lasting, legislation will pass.
However, crypto critics like Senator Elizabeth Warren remain sceptical about the GENIUS Act. She believes that Trump’s stablecoin project raises serious national security concerns. Thus, Warren added, “The Senate shouldn’t greenlight this corruption by passing the GENIUS Act without fixes.”
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