#XRP Lawyer Warns That Other Crypto Laws Unlikely To Pass If Stablecoin Bill Fails

XRP lawyer John Deaton warns crypto regulation laws may stall until 2029 if GENIUS Act, focused on stablecoin rules, fails in U.S. Senate.

Highlights

XRP lawyer warns no major crypto laws likely before 2029 if GENIUS Act fails in Senate.

GENIUS Act aims to regulate stablecoins with high-quality reserves and legal clarity.

Coinbase exec says stablecoin rules are vital to preserve U.S. dollar dominance globally.

If the Stablecoin bill GENIUS Act does not pass the U.S. Senate, there may be no major crypto legislation before 2029, according to XRP lawyer John E. Deaton. The lawyer, known for his involvement in the XRP legal case, said on social media that Senate inaction could delay the regulatory clarity needed for the digital asset space.

Deaton stated that the bill, which aims to regulate stablecoins, is non-controversial and serves national interests. However, he expressed concerns that if lawmakers cannot pass this bill, other more complex crypto bills such as market structure legislation, the Lummis-Gillibrand bill, or tax reforms are unlikely to succeed anytime soon.