Pro-Crypto lawyer John E Deaton shared a warning that arouses a concern in the cryptographic community, if the American Congress does not reach the law of genius now, then we may not see strong cryptographic laws or reforms until 2029.
It may seem extreme, but Deaton is not the only one to think that way. Other founders of Messari, Ryan Selkis, stressed that without immediate progress, long -term reforms could be out of the table until.
GENIUS ACT: More than a simple cryptography bill
Deaton thinks that genius law is something that all politicians should support, because it is not really a bill for “crypto”. As Alex Thorn said by Galaxy Research, he should be called the “Dollar Dominance Bill”.
He agrees with Ryan Selkis, the founder of Messari, who said that if the genius law did not adopt soon, even the fundamental cryptography legislation will be dead on his arrival under a future presidency of Trump.
Meanwhile, the bill is designed to take care of the stablecoins supported by the US dollar. In a world where countries like China and Russia put pressure on “denollarization”, Deaton says that America must act quickly.
Supporting the stablecoins supported in dollars can increase demand for the US Treasury assets and help the dollar remain the main global reserve currency.
Broken Political Swing System
Deaton has also shared how it is upset by the way the United States continues to change its crypto approach. A government is very strict, while the next one acts too friendly, sometimes even transforming the crypto into a joke for the votes.
But it doesn’t matter who is in charge, Deaton says that we are still using laws from the 1930s and 1940s to control new technologies such as crypto and AI.
No reform without action
Meanwhile, the situation as a whole is clear, as Deaton says, without the bipartite support for the act of genius now, there is little hope for invoices of deeper market structure later. Ryan Selkis warned that not passing this week would probably kill the reform of cryptography under a Trump administration.
Deaton accepted and also called Coinbase, suggesting that his silence could be strategic, because regulatory uncertainty helps him stay in advance on competitors.
