#GENIUSAct #GENIUSAct LARGER XRP UPDATE — Is Now the Right Time to Invest?

XRP supporter sounds the alarm: uncertain future of cryptocurrencies without legislation on stablecoins

Prominent advocate John E. Deaton has issued a serious warning: if the U.S. Senate does not pass the GENIUS Act — a bill aimed at regulating stablecoins — significant cryptocurrency legislation could be delayed until 2029.

Deaton, a central figure in the XRP legal saga, emphasized that the bill is straightforward and in the best interest of the public. He argues that if Congress cannot agree on such a fundamental measure, more advanced proposals like tax reforms on cryptocurrencies or the Lummis-Gillibrand bill are unlikely to survive.

The GENIUS Act, introduced by Senator Bill Hagerty, aims to establish clear guidelines for stablecoin providers and impose robust reserve standards to protect users. Hagerty claims this will encourage innovation tied to the U.S. dollar and bring the long-awaited clarity to cryptocurrency laws in the U.S.

Although the bill faces challenges, Senator Kirsten Gillibrand believes it could be passed within a week. Momentum is growing, with key industry voices, such as Coinbase's policy head Faryar Shirzad, calling it a high-level national concern.

Still, opposition persists. Senator Elizabeth Warren expressed concerns about 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, crucial advancements in cryptocurrencies — such as BitBonds and tax updates — may be delayed for several years.

#XRP #CryptoUpdate

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