If you’ve ever wondered how the future of cryptocurrency could go from “exciting” to “I think I’ll just retire to a beach somewhere” in a matter of moments, then grab a seat. According to XRP lawyer John E. Deaton—who’s probably regretting not becoming a professional juggler instead of diving into crypto law—the failure of the GENIUS Act to pass the U.S. Senate could doom any hope of meaningful crypto legislation until the next millennium (or, okay, 2029).
Yes, you heard that right. This is the same lawyer who’s been knee-deep in the XRP legal case, so when he speaks, it’s not just to entertain us with his legal expertise but also to drop some truth bombs. In a recent social media post (because why do a formal press conference when you can tweet?), Deaton warned that Senate inaction could delay the crucial regulatory clarity that everyone—crypto fanatics and grandma’s basement Bitcoin miners alike—has been craving.
Now, you might ask, “What’s this GENIUS Act everyone’s talking about?” Well, in a nutshell, it’s a bill designed to regulate stablecoins. A concept so controversial, you could practically hear the thunderous debate echoing through the halls of Congress. But wait—surprise! It’s actually *not* controversial, according to Deaton. It’s about national interests, keeping things stable (which seems ironic when you think about cryptocurrencies in general, but we’ll roll with it). The bill is intended to create a legal framework for issuing stablecoins in the U.S., ensuring issuers actually hold valuable reserves to protect consumers. No surprise there—cryptos should probably not be backed by Monopoly money.
But here’s where it gets juicy (no, not in the sense of a hot dog at a crypto conference, unfortunately). Deaton raised the alarm: if lawmakers can’t even get this straightforward bill passed, more complex crypto-related bills—such as the Lummis-Gillibrand bill or tax reforms—are likely to remain stuck in legislative purgatory, gathering dust until the next tech boom. And that’s a lot of dust, folks.
In conclusion, if the Senate can’t handle regulating stablecoins, the road ahead for cryptocurrency regulation looks like it’ll be as bumpy as trying to surf a sand dune. Let’s hope they surprise us all and do something productive for once. Maybe by 2029, we’ll see something that isn’t just a tweet. Or maybe not. 🙄
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2025-05-19 20:48