#GENIUSAct
Regulation at Risk: What Happens If the Stable
coin Bill Fails?
A well-known $XRP supporter, John Dayton, has raised concerns about the future of crypto regulation in the U.S. He warns that if the GENIUS Act—a key stable coin bill doesn’t pass, other major crypto laws could be delayed until 2029.
Why the GENIUS Act Matters
The bill, introduced by Senator Bill Hagerty. aims to create clear rules for stable coins—crypto currencies pegged to the U.S. dollar. Supporters argue that without proper regulation, innovation will move overseas. weakening America’s position in the crypto market.
Hagerty recently told CNBC that the U.S. needs this law to keep dollar-backed crypto innovation at home. He also criticized the SEC’s aggressive enforcement approach, saying it creates confusion instead of clarity.
Growing Support—But Strong Opposition
Big names in crypto, like Coinbase’s policy chief. are pushing for the bill, calling it a national priority. They believe stable coins can strengthen the U.S. dollar’s global role and modernize finance.
However, some lawmakers. including Senator Elizabeth Warren, remain skeptical. They worry about risks to the financial system and prefer stricter controls. Banks are also resisting because stablecoins could compete with traditional deposits.
What’s Next?
If the GENIUS Act fails. Dayton predicts a long freeze on crypto laws possibly until after the next presidential term. This could slow down other important regulations, like tax rules and market structure laws.
The Senate is expected to vote soon. If they reject the bill, the U.S. crypto industry may face years of uncertainty.
