$XRP XRP Supporter Sounds the Alarm: Crypto Future Uncertain Without Stablecoin Legislation
Prominent $XRP advocate John E. Deaton has delivered a serious warning: if the U.S. Senate doesn’t approve the GENIUS Act — a bill designed to regulate stablecoins — significant crypto legislation might be delayed until 2029.
Deaton, a central figure in the XRP legal saga, emphasized that the bill is straightforward and in the public’s best interest. He argues that if Congress can’t agree on such a fundamental measure, more advanced proposals like crypto tax reforms or the Lummis-Gillibrand bill likely won’t survive.
The GENIUS Act, introduced by Senator Bill Hagerty, is meant to establish clear guidelines for stablecoin providers and enforce robust reserve standards to protect users. Hagerty asserts this will encourage innovation tied to the U.S. dollar and bring long-awaited clarity to American crypto laws.
Though the bill faces challenges, Senator Kirsten Gillibrand believes it could be passed within the week. Momentum is building, with major industry voices like Coinbase’s policy head Faryar Shirzad calling it a top national concern.
Still, opposition remains. Senator Elizabeth Warren has expressed concerns over financial risks. Deaton also highlighted a controversial clause that restricts interest on stablecoin holdings — a measure likely to face resistance from traditional banking institutions.
A Senate decision is expected soon. If the vote fails, pivotal crypto advancements — such as BitBonds and taxation updates — could be postponed for several years.
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