XRP Advocate Warns Crypto Laws May Stall Without Stablecoin Bill ๐ฌ
$XRP XRP advocate John E. Dayton warns that if the GENIUS Act โ a stablecoin regulation bill โ fails in the US Senate, major crypto laws may be delayed until 2029. Known for his role in the XRP case, Dayton said the bill is non-controversial and supports the national interest โ๏ธ.
He believes that if lawmakers canโt pass this simple bill, more complex ones like market structure reform, tax laws, or the Lummis-Gillibrand bill wonโt move forward anytime soon ๐.
The GENIUS Act, led by Senator Bill Hagerty, sets rules for stablecoin issuers and ensures secure reserves to protect consumers ๐ก๏ธ. Hagerty said it will boost dollar-backed innovation and bring clarity to crypto regulation in the US ๐บ๐ธ.
Despite the challenges, Senator Kirsten Gillibrand believes the bill could pass this week. Industry support is rising. Coinbaseโs policy chief Friar Sherzad called stablecoin laws a โnational priority,โ saying they can help the US lead in blockchain finance ๐.
However, some lawmakers, like Sen. Elizabeth Warren, remain cautious, raising concerns over financial risks. Dayton also noted the bill doesnโt allow yield on stablecoin holdings, which might face bank resistance ๐ฆ.
The Senate vote is expected soon. If it fails, broader crypto efforts โ like BitBonds or tax reforms โ may not advance until the next administration.
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