Ripple attorney John Deaton has warned that crypto reform in the US could be held up until as late as 2029. His warning came as the Senate is unable to pass the stablecoin bill paired with the GENIUS Act. According to Deaton, the bill is central to enduring crypto regulation.
They were accompanied by Ryan Selkis, founder of Messari, who also lobbied for the bill. They regard the GENIUS Act as a rare bipartisan opportunity to strengthen US financial stability. While discussing the measure, Deaton described it as a ‘no-brainer’ that could help keep the dollar on top of the world.
He said the bill, sometimes referred to as the ‘Dollar Dominance Bill,’ might increase demand for US Treasury bonds. That would strengthen the US economy when many nations are shying away from the dollar.
Deaton cautioned that the larger reforms will be held back until the next presidential term if this bill is not passed. He stated the US will fall behind in digital asset innovation.
But not so fast. Senator Elizabeth Warren also opposes the bill. She raised concerns about national security and warned against increasing corporate power.
Meanwhile, the crypto camp is growing impatient. Advocates feel the bill should provide an urgently needed clarification. But with the Senate on pause, prospects for US crypto policy are uncertain.