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Senate Blocks Stablecoin Bill, Treasury Warns of Digital Leadership Erosion
Senate Blocks Stablecoin Bill, Treasury Warns of Digital Leadership Erosion
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The U.S. Senate’s rejection of the GENIUS Act has drawn sharp criticism from Treasury Secretary Scott Bessent, who framed the decision as a blow to America’s influence in the global digital asset arena. The proposed legislation sought to establish federal oversight for stablecoin issuance—a critical infrastructure component for cryptocurrency markets.
Bessent’s public rebuke on social media platform X underscored the geopolitical stakes. "For stablecoins and other digital assets to thrive globally, the world needs American leadership," he wrote shortly after the vote. The bill’s collapse followed last-minute defections by Senate Democrats, who cited concerns ranging from anti-money laundering protocols to national security implications.
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