TLDR
- John Deaton warned that failure to pass the stablecoin bill could delay crypto reform until 2029.
- He supported the GENIUS Act and stressed that it aligns with America’s financial and national interests.
- Deaton described the stablecoin bill as critical to preserving the US dollar’s global dominance.
- He said the bill would drive demand for US Treasury securities and strengthen the economy.
- Senator Elizabeth Warren opposed the bill due to national security concerns and called for changes.
The stablecoin bill has become a critical point of debate as Senate delays trigger fresh warnings from leading crypto figures. XRP lawyer John Deaton has now joined the discussion, warning that postponing the Stablecoin Bill could push broader crypto reform to 2029. The remark comes amid growing frustration in the crypto sector, which views the stablecoin bill as essential for regulatory clarity.
John Deaton Emphasizes the Importance of the GENIUS Act
John Deaton has backed Messari founder Ryan Selkis in supporting the GENIUS Act, calling it key to long-term crypto legislation. He argued that the GENIUS Act may not pass without the bill, delaying reform until the next presidential term. Deaton stated that the bill is straightforward and aligns with American economic and strategic goals.
I agree with @twobitidiot when he says if Congress can’t get the GENIUS Act passed, we won’t see a Market Structure’s Bill, which means we won’t see any long-lasting reform until 2029, depending on how the Presidential election goes.
Why, you might ask?
Because the GENIUS Act… https://t.co/aFxgXwx7SD
— John E Deaton (@JohnEDeaton1) May 14, 2025
He emphasized that the stablecoin bill could open the door to the GENIUS Act, which has bipartisan support in Congress. According to Deaton, the act strengthens national interests by reinforcing the role of the U.S. dollar and related financial structures. He warned that meaningful crypto regulation may not happen until 2029 or beyond without this support.
Deaton believes the GENIUS Act is critical to maintaining the U.S. leadership in global finance and digital asset innovation. He noted that missing this opportunity could create long-term regulatory gaps. He stressed that the Bill must pass to build a proper foundation for future policies.
Stablecoin Bill Tied to U.S. Dollar Dominance
Deaton referred to the stablecoin bill as the “Dollar Dominance Bill” because it reinforces demand for U.S. Treasury securities. He explained that the bill helps protect the dollar’s reserve currency status in a time of global de-dollarization. The stablecoin bill also supports the domestic economy and geopolitical strength by increasing U.S. Treasury demand.
Supporters argue that the bill can stabilize markets and help guide digital asset integration within current financial systems. They also claim that it will drive adoption of regulated digital dollars, reducing reliance on foreign-backed tokens. Deaton maintained that ignoring the bill weakens U.S. financial leadership.
Despite support from crypto leaders, several lawmakers remain opposed due to national security concerns. Senator Elizabeth Warren criticized the bill, citing gaps in oversight and transparency. She warned that unless amended, the bill could promote unchecked corporate influence.
