PANews reported on May 15 that John E Deaton, a lawyer supporting cryptocurrencies, issued a warning that if the U.S. Congress fails to pass the GENIUS stablecoin bill in a timely manner, substantial cryptocurrency regulatory reform could be delayed until 2029. This view is supported by Ryan Selkis, the founder of Messari, among others. Deaton criticized the U.S. regulatory stance for its drastic swings between government changes, stating that current regulation still relies on legal frameworks from the 1930s and 1940s. Selkis specifically pointed out that if the bill is not passed this week, cryptocurrency reform during a future Trump administration could be jeopardized.
