Treasury Secretary Bessent Blasts Senate for Blocking GENIUS Stablecoin Bill
The post Treasury Secretary Bessent Blasts Senate for Blocking GENIUS Stablecoin Bill appeared on BitcoinEthereumNews.com. In brief Treasury Secretary Scott Bessent called the Senate’s failure to advance the GENIUS Act a missed chance to secure U.S. leadership in stablecoin regulation. The bill collapsed after last-minute Democratic defections, driven by concerns over rushed revisions and regulatory gaps. Industry leaders, including Coinbase’s Brian Armstrong, say crypto remains a legislative priority, with renewed efforts expected as early as next week. The Senate’s decision to block the GENIUS Act on Thursday drew immediate condemnation from Treasury Secretary Scott Bessent, who warned the vote could jeopardize the U.S.’s position in the global digital assets race. “For stablecoins and other digital assets to thrive globally, the world needs American leadership,” Bessent posted on X. “The Senate missed an opportunity to provide that leadership today by failing to advance the GENIUS Act.” For stablecoins and other digital assets to thrive globally, the world needs American leadership. The Senate missed an opportunity to provide that leadership today by failing to advance the GENIUS Act. This bill represents a once-in-a-generation opportunity to expand dollar… — Treasury Secretary Scott Bessent (@SecScottBessent) May 8, 2025 The bill, designed to establish a federal regulatory framework for issuing stablecoins, failed to pass a procedural vote on Thursday after key Senate Democrats moved to stonewall it. Though it had enjoyed bipartisan support earlier this year, Democrats pulled back in the final hours, citing concerns over national security, anti-money laundering provisions, and the sudden introduction of new language. ‘Once in a generation’ Bessent called the GENIUS Act “a once-in-a-generation opportunity to expand dollar dominance and U.S. influence in financial innovation.” Without it, he said, “stablecoins will be subject to a patchwork of state regulations instead of a streamlined federal framework.” The defeat of the GENIUS Act has cast uncertainty over stablecoin oversight and the broader effort to pass digital asset…
The post Treasury Secretary Bessent Blasts Senate for Blocking GENIUS Stablecoin Bill appeared on BitcoinEthereumNews.com.
In brief Treasury Secretary Scott Bessent called the Senate’s failure to advance the GENIUS Act a missed chance to secure U.S. leadership in stablecoin regulation. The bill collapsed after last-minute Democratic defections, driven by concerns over rushed revisions and regulatory gaps. Industry leaders, including Coinbase’s Brian Armstrong, say crypto remains a legislative priority, with renewed efforts expected as early as next week. The Senate’s decision to block the GENIUS Act on Thursday drew immediate condemnation from Treasury Secretary Scott Bessent, who warned the vote could jeopardize the U.S.’s position in the global digital assets race. “For stablecoins and other digital assets to thrive globally, the world needs American leadership,” Bessent posted on X. “The Senate missed an opportunity to provide that leadership today by failing to advance the GENIUS Act.” For stablecoins and other digital assets to thrive globally, the world needs American leadership. The Senate missed an opportunity to provide that leadership today by failing to advance the GENIUS Act. This bill represents a once-in-a-generation opportunity to expand dollar… — Treasury Secretary Scott Bessent (@SecScottBessent) May 8, 2025 The bill, designed to establish a federal regulatory framework for issuing stablecoins, failed to pass a procedural vote on Thursday after key Senate Democrats moved to stonewall it. Though it had enjoyed bipartisan support earlier this year, Democrats pulled back in the final hours, citing concerns over national security, anti-money laundering provisions, and the sudden introduction of new language. ‘Once in a generation’ Bessent called the GENIUS Act “a once-in-a-generation opportunity to expand dollar dominance and U.S. influence in financial innovation.” Without it, he said, “stablecoins will be subject to a patchwork of state regulations instead of a streamlined federal framework.” The defeat of the GENIUS Act has cast uncertainty over stablecoin oversight and the broader effort to pass digital asset…
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