Treasury Secretary Bessent Blasts Senate for Blocking GENIUS Stablecoin Bill
The Senate blocked the GENIUS Act, prompting condemnation from Treasury Secretary Scott Bessent, who warned it could harm U.S. leadership in the global digital assets sector. The bill aimed to create a federal regulatory framework for stablecoins but failed due to last-minute concerns from Senate Democrats over national security and anti-money laundering provisions. Bessent described the act as a critical opportunity for U.S. financial dominance, stating that without it, stablecoins would face inconsistent state regulations. Political tensions, including recent endorsements from Donald Trump, contributed to the bill's failure. Despite this setback, there are hopes for a revival, with discussions of revisiting the legislation soon. Industry leaders emphasize that crypto regulation remains a priority for lawmakers.
