XRP supporters are on high alert as key crypto advocate John E. Deaton warns of a major legislative roadblock. According to Deaton, if the GENIUS Act — a bill focused on regulating stablecoins — doesn't make it through the U.S. Senate, we might not see meaningful crypto laws until 2029.
Deaton, who played a pivotal role in the XRP vs. SEC legal battle, says this bill is straightforward and essential for the U.S. to maintain a leadership role in digital finance. Failure to pass it could stall more complex reforms like crypto market structure, taxation policies, and the Lummis-Gillibrand proposal.
The GENIUS Act, introduced by Senator Bill Hagerty, aims to establish clear rules for stablecoin issuers and ensure their reserves are properly backed. The goal? Boost innovation while protecting users and keeping the U.S. dollar strong in digital finance.
There's growing optimism in the industry. Senator Kirsten Gillibrand is hopeful the bill might pass this week, while Coinbase’s policy lead, Faryar Shirzad, stressed that stablecoin regulation is a national priority.
Still, not everyone’s on board. Senator Elizabeth Warren and others are raising flags about financial risks. Another concern is the bill's ban on earning interest from stablecoin holdings — a sticking point for traditional banks.
A Senate vote is expected soon. If the bill doesn't pass, the broader crypto agenda — including innovations like BitBonds and essential tax updates — may be delayed for years, possibly until a new administration takes over.
#XRP’ P #CryptoAlert