Treasury Secretary Scott Bessent criticized the Senate for blocking the GENIUS Act, asserting that this decision undermines U.S. leadership in global stablecoin regulation. The bill aimed to provide a federal framework for stablecoin issuance but failed to pass following last-minute shifts by Democrat senators, raising concerns about national security and regulatory gaps. Bessent described the act as a “once-in-a-generation opportunity” for expanding U.S. influence in financial innovation, arguing that without it, regulation would devolve into a confusing patchwork at the state level. The vote’s failure casts doubt on future digital asset legislation as the 2026 midterm elections approach, with Bessent urging lawmakers to act decisively instead of allowing innovation to move overseas. Despite the setback, some lawmakers expressed hope for a revival of the bill soon, indicating ongoing bipartisan interest in clear cryptocurrency regulations.

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