#GENIUSAct Attorney XRP John Dayton warned that cryptocurrency regulation laws could be stalled until 2029 if the GENIUS Act, which focuses on stablecoin laws, fails in the United States Senate.
According to $XRP advocate John E. Dayton, if the GENIUS Act stablecoin bill does not pass the United States Senate, there may be no cryptocurrency legislation before 2029.
The lawyer, known for his involvement in the $XRP legal case, stated on social media that Senate inaction could delay the regulatory clarity needed to place the digital asset.
Dayton said that the bill, which aims to regulate stablecoins, is not controversial and serves the national interest.
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However, he expressed concerns that if lawmakers cannot pass this bill, other complex cryptocurrency laws such as market structure legislation, the Lummis-Gillibrand bill, or tax reform may not pass anytime soon.
The GENIUS Act focuses on regulating stablecoins.
The Genius Act is led by Senator Bill Hagerty and seeks to create a legal framework for the issuance of 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 the dollar-backed innovation in America."
