John Deaton, a prominent crypto attorney known for defending XRP holders, is calling for urgent and clear cryptocurrency regulations in the United States before the 2026 midterm elections.
He has outlined a five-point plan for Congress which includes:
Passing a law specifically regulating stablecoins to increase demand for U.S. Treasuries and reduce cross-border payment costs, thereby strengthening the U.S. role in global trade.
Clearly defining which tokens are securities and which are commodities to resolve regulatory jurisdiction conflicts.
Implementing strict regulations on crypto exchanges to ensure customer funds are fully reserved and transparently held on the blockchain, preventing risky practices.
Easing the tax burden on crypto transactions by removing capital gains tax on small payments and allowing federal taxes to be paid in cryptocurrency without additional tax penalties.
Revising or removing the Accredited Investor Rule to allow more people access to early investment opportunities in crypto projects.
Deaton emphasizes that lawmakers must act swiftly before the 2026 elections to avoid delays caused by political changes.
These recommendations align with ongoing legislative efforts, such as the GENIUS Act, which proposes Federal Reserve oversight of large banks issuing stablecoins and state-level regulation for smaller issuers.
The stablecoin market currently exceeds $234 billion, underscoring the urgency for regulation.
Additionally, the SEC's stance on crypto regulation is reportedly shifting toward cooperation, aiming to reduce uncertainty and foster clearer regulatory frameworks.
Deaton's advocacy reflects a broader push within the crypto industry for functional, innovation-supporting regulation that protects users and stabilizes the market ahead of the politically significant 2026 midterms.
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