U.S. Treasury Secretary Criticizes Senate for Not Advancing the GENIUS Act: Missed Opportunity for Global Leadership in Stablecoins

According to Mars Finance, U.S. Treasury Secretary Scott Bessent stated on social platform X that the U.S. Senate failed to advance the “GENIUS Act,” which he described as a “missed intergenerational opportunity to expand the dominance of the dollar and the influence of financial innovation.” He warned that, in the absence of a unified federal regulatory framework, stablecoins will develop amid fragmented state regulations, which is detrimental to the U.S. maintaining its global leadership and could push digital asset innovation overseas.