XRP advocate John Dayton has warned that crypto regulation laws could stall until 2029 if the GENIUS Act, which focuses on stablecoin laws, fails in the US Senate.
According to $XRP advocate John E. Dayton, if the Stablecoin bill GENIUS Act does not pass the US Senate, there may not be any major crypto legislation before 2029.
The lawyer, known for his involvement in the $XRP legal case, said on social media that the Senate's inaction could delay the regulatory clarity needed to place the digital asset.
Dayton said that the bill, which aims to regulate stablecoins, is non-controversial and serves the national interest.
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However, he expressed concerns that if lawmakers cannot pass this bill, other complex crypto bills such as market structure legislation, the Lummis-Gillibrand bill, or tax reform are unlikely to pass soon.
The GENIUS Act focuses on stablecoin regulation.
The Genius Act is spearheaded by Senator Bill Hagerty and seeks to create a legal framework for issuing stablecoins in the United States.
The bill aims to ensure high quality deposits with issuers to promote consumer safety and transparency.
During an interview on CNBC's "Squawk Box," Senator Hagerty said, "This Stablecoin bill will bring regulatory clarity and support dollar-backed innovation in America."
He explained that the lack of clear rules has pushed many crypto-related projects overseas. The bill aims to reverse this trend by creating a clear regulatory path for stablecoin issuers.
He added that the use of the SEC’s enforcement actions to regulate digital assets has created confusion in the market.
By establishing a formal framework, the bill can help both consumers and businesses operate with better legal understanding. However, despite the concerns, Senator Kirsten Gillibrand predicts that stablecoin regulation could pass this week.
Industry support is growing for the GENIUS Act.
Despite allegations of fraud and corruption against US President Donald Trump, several digital asset figures have expressed strong support for the Stablecoin Bill GENIUS Act.
Coinbase Chief Policy Officer Friar Sherzad said that stablecoin legislation is a “national priority.” He stressed that the US should lead the way in blockchain-based finance and ensure that stablecoins pegged to the US dollar prevail.
“Stablecoins can put pressure on old financial systems, but competition is necessary,” Sherzad posted on X.
He compared the current moment to the introduction of money market funds in the 1970s and 1980s, saying that the banking sector can adapt, as it did then.
Sherzad also stated that the GENIUS Act would strengthen the role of the dollar globally and place the United States at the center of international finance. He stressed that the bill goes beyond technology and also supports financial strength and national strategy.
Challenges remain despite bipartisan support.
While the Stablecoin bill has the support of both major political parties, obstacles still remain. Senator Haggerty noted that opposition often comes from lawmakers who favor centralized financial control. Critics, including Sen.
Elizabeth Warren, have urged caution and questioned whether the bill would increase financial risks or reduce regulatory authority.
XRP lawyer John Dayton said that the bill does not allow stablecoin holders to earn yields, which he sees as a drawback.
However, he acknowledged that any production version would face resistance from banks due to competition with deposits. “The bank lobby is real,” he wrote.
The Senate is expected to vote on the bill soon. If the legislation fails, it could slow down other crypto-related efforts.
According to $XRP advocate John Dayton, without stable coin regulation, broader reforms like BitBonds or crypto tax laws may not progress until the next administration.
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