$XRP Advocate Warns: Crypto Laws May Be Delayed if Stablecoin Bill Fails

John E. Deaton, a well-known supporter of $XRP , has raised concerns that if the GENIUS Act – a proposed law focused on regulating stablecoins – doesn’t pass in the U.S. Senate, then the chances of any significant crypto laws being approved before 2029 are slim. Deaton, who has played a major role in the legal battle involving XRP, shared on social media that the Senate’s failure to act could delay much-needed clarity for the crypto industry.

He emphasized that the GENIUS Act is not controversial and actually supports national interests. If lawmakers can't pass this relatively straightforward bill, then more complex crypto legislation—like the Lummis-Gillibrand market structure bill or crypto tax reforms—are unlikely to move forward any time soon.

What is the GENIUS Act?

The bill, introduced by Senator Bill Hagerty, aims to provide a clear legal framework for stablecoin issuers in the U.S. It focuses on protecting consumers by ensuring strong financial backing for stablecoins and promoting transparency. In an interview on CNBC’s Squawk Box, Senator Hagerty said that this legislation could boost innovation tied to the U.S. dollar and help bring crypto projects back to the U.S., which have been leaving due to unclear rules. He also criticized the SEC’s current enforcement-based approach, saying it creates confusion in the market.

Senator Kirsten Gillibrand remains optimistic and believes the stablecoin law could still pass this week.

Industry Support is Growing

Despite political tensions and controversies—like the fraud allegations against former President Donald Trump—many in the crypto world support the GENIUS Act. Friar Sherzad, Chief Policy Officer at Coinbase, called the bill a “national priority.” He argued that America must take the lead in blockchain finance and ensure that U.S. dollar-backed stablecoins dominate globally.

other critics worry that the bill could increase financial risks or weaken regulation.