XRP Advocate Warns Crypto Laws May Stall Without Stablecoin Bill 💬
$XRP XRP advocate John E. Dayton warns that if the GENIUS Act — a stablecoin regulation bill — 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 ⚖️.
He believes that if lawmakers can’t pass this simple bill, more complex ones like market structure reform, tax laws, or the Lummis-Gillibrand bill won’t move forward anytime soon 📉.
The GENIUS Act, led by Senator Bill Hagerty, sets rules for stablecoin issuers and ensures secure reserves to protect consumers 🛡️. Hagerty said it will boost dollar-backed innovation and bring clarity to crypto regulation in the US 🇺🇸.
Despite the challenges, Senator Kirsten Gillibrand believes the bill could pass this week. Industry support is rising. Coinbase’s policy chief Friar Sherzad called stablecoin laws a “national priority,” saying they can help the US lead in blockchain finance 🌐.
However, some lawmakers, like Sen. Elizabeth Warren, remain cautious, raising concerns over financial risks. Dayton also noted the bill doesn’t allow yield on stablecoin holdings, which might face bank resistance 🏦.
The Senate vote is expected soon. If it fails, broader crypto efforts — like BitBonds or tax reforms — may not advance until the next administration.
#XRP 💠 #SEC ##GENIUSAct MP #CryptoNews
