U.S. Treasury Secretary: Senate's rejection of the stablecoin bill may lead to innovation going overseas.

2025-05-09 06:42:53

On May 9, U.S. Treasury Secretary Scott Bessent stated today that the Senate’s failure to advance the GENIUS Act is a missed opportunity to expand the dominance of the U.S. dollar. The bill was originally intended to establish a unified federal regulatory framework for stablecoins and digital assets, replacing the existing state-level regulatory system. Bessent warned that if the U.S. fails to establish a leadership position in the digital asset space, related innovative activities may shift overseas.

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