Crypto Lawyer Warns: Delay in GENIUS Act May Push Reform to 2029

Crypto lawyer John E Deaton has issued a stark warning that if the U.S. Congress fails to pass the GENIUS stablecoin bill in a timely manner, significant cryptocurrency regulatory reform could be delayed until 2029. This perspective is supported by Messari founder Ryan Selkis and other industry experts. Deaton's criticism of the U.S. regulatory stance highlights the drastic swings in policy between administrations, with current regulations still relying on legal frameworks from the 1930s and 1940s. Selkis specifically noted that if the bill is not passed this week, cryptocurrency reform during the remainder of the Trump administration's term may be thwarted.

Deaton's warning underscores the urgency for Congress to act swiftly on the GENIUS Act, which aims to provide a comprehensive regulatory framework for stablecoins and other cryptocurrencies. The delay in passing this legislation could have far-reaching implications for the cryptocurrency industry, potentially stifling innovation and investment in the sector. The current regulatory environment, characterized by outdated laws and inconsistent enforcement, has created uncertainty for businesses and investors alike.

Selkis' support for Deaton's view adds weight to the argument that immediate action is necessary. The GENIUS Act is seen as a critical piece of legislation that could bring much-needed clarity and stability to the cryptocurrency market. Failure to pass the bill in time could result in a prolonged period of regulatory uncertainty, with potential delays extending until 2029. This would be a significant setback for an industry that has been rapidly evolving and gaining mainstream acceptance.

The call to action from Deaton and Selkis highlights the need for a more proactive approach to cryptocurrency regulation. The current regulatory framework, which relies on outdated laws, is ill-equipped to address the complexities of the modern cryptocurrency landscape. The GENIUS Act represents a step forward in creating a regulatory environment that is both supportive of innovation and protective of consumers.

As the deadline for passing the GENIUS Act approaches, the pressure is on Congress to act decisively. The outcome of this legislative process will have a profound impact on the future of the cryptocurrency industry, shaping the regulatory landscape for years to come. The warnings from Deaton and Selkis serve as a reminder of the stakes involved and the importance of timely action.